Iconic East London Investment Sold
In what is one of the largest single investment transactions in East London in recent years, Kingsbury managed the successful disposal of the former Wickham’s department store on Mile End Road E1, on behalf of its private owners, Reydon Ltd.
Since the property was acquired in 2006, the 5-storey building which extends to over 100,000sq.ft. had been let to tenants including Tesco and Sports Direct by Kingsbury’s commercial agency team, and offered significant potential for alternative uses.
Prior to marketing, a pre-planning application process was undertaken with the Local Authority in order to establish a planning brief which in turn set a benchmark for value.
Following a comprehensive open marketing process, a number of offers were received, with Resolution Property proving the successful party, and unconditional contracts were quickly exchanged at a price well in excess of the £10,000,000 guide price.
Resolution are undertaking a full program of refurbishment in order to restore this iconic East-London building to its former glory.
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- Sold for £11,200,000
- Whitechapel E1
- 100,000sq.ft. mixed use investment
- Significant potential for asset management and development
- Strategic advice and services provided over a 5 year period
- Disposal of asset completed
Kingsbury provided us with strategy and advice which optimised value during our ownership of the property, and then managed and negotiated a sale with passion and professionalism throughout