2.3 acre mixed use site in the heart of Central London
Price: circa £137,000,000
Fawcett Mead have recently acted on behalf of DTZ Investors on the acquisition of this prime mixed-use investment in the heart of Central London.
Shopstop is formed of a site area of 2.3 acres and provides circa 74,500 sq ft of retail, leisure and office accommodation which benefits from being located at the main entrance to Clapham Junction railway station, Europe’s busiest railway interchange, with an estimated annual footfall of c. 31 million.
The property is 100% let to tenants including M&S Simply Food, Sainsbury’s, Monsoon, Superdrug and Fitness First. There is also office accommodation on the upper floors which is occupied by Moss Bros and acts as their UK headquarters. Over 20% of the current income is secured for over 10 years.
It is the first time that this property has been traded in the open market for 18 years. The acquisition of the strategically located 2.3 acre site offers numerous long-term opportunities, including inclusion in the area’s wider development plans, whilst being underwritten by the strong existing tenant line up and income profile.
Jonathan Mills commented: “We are delighted to have secured this acquisition for our client, DTZ Investors, against intense competition. Comprising a 2.3 acre, mixed use site in the heart of Central London, the property offers a multitude of asset management opportunities. The property represented a once in a generation opportunity to secure one of the most exciting repositioning projects in London.” [read more]
Romford : 105-111 South Street
Prime leisure investment in the busy London suburb of Romford
Passing Rent: £178,000 per annum
Net Initial Yield: 5.33%
Fawcett Mead have recently acted on the sale of this prime long-let leisure investment in Romford, Essex. The property is let to the strong covenant of Stonegate Pub Company Limited until March 2038. The sale price of £3,145,000 reflects a net initial yield of 5.33%. Tom Heptonstall commented: "We are delighted to have secured a strong exit price for our client after a "quiet" marketing campaign. Both parties were very pleased with the result."[read more]
Plymouth : Derrys Cross Leisure
Passing Rent: £888,431
Net Initial Yield: 5.20%
Fawcett Mead has recently acted on behalf of Plymouth City Council on the purchase of this freehold city centre leisure investment. The property comprises a Travelodge Hotel, a gym and four restaurants/bars. The purchase price of £17.25 million reflected a NIY of 5.20%.
The property has a WAULT of 17.45 years and 70% of the income is subject to indexed or fixed rental increases. Richard Bashford commented: “We were very pleased to secure this investment property on behalf of Plymouth City Council on an off market basis”. [read more]