SE1 Investment Acquired, Let & Sold
As Banks and Building Society’s continue to rationalise their portfolio of operational branches, properties surplus to requirements are disposed of, and often their prominent High Street positions means that there will be no shortage of new occupiers wanting to take their place.
43 Borough High Street was deemed to be surplus to the Woolwich Building Society, and was acquired on behalf of clients Midos Group when it was offered for sale in auction with vacant possession.
Kingsbury’s commercial agency team were subsequently appointed to source a new Tenant for the circa 900sq.ft. unit. Following a short marketing period, numerous offers were received from well-known names, with terms being agreed with Holland & Barrett at £132,500p.a. on a new 15 year Lease without breaks, which was exchanged in less than 24 hours, at what we understand to be a new record Zone A rent for South London.
This letting created increased value to the investment, and Kingsbury’s role in the projected was completed by managing the disposal of the asset to overseas investors for £2,035,000 which reflects a 6.2% net initial yield.
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- Sold for £2,035,000
- London Bridge SE1
- Commercial Agency
- Advice and services provided over 2 year period
- Prime High Street retail unit acquired vacant
- Letting to Holland & Barrett set record rent in South London
- Sold to overseas investors via private treaty
Kingsbury created the value in this investment with a letting at a level in excess of all market evidence, and then crystallised a sale, which was progressed quickly and professionally