Assembly of two adjoining sites managed; one housing a 1960's retail/office building, and the other a locally listed public house. The former was acquired unconditionally with the retail unit let to Carpetright plc. The latter was purchased at auction with vacant possession.
A surrender of the lease to Carpetright was negotiated to secure vacant possession of the entire site. Planning permission was secured for a mixed-use scheme comprising approx 14,000 sqft of ground floor retail space, an 84 bedroom hotel over two upper floors and 60 parking spaces to the rear.
Pre-lets were agreed with Waitrose in respect of 9,000 sqft of retail space at £135,000pa, and Travelodge Hotels Ltd in respect of the uppers at £360,040pa. The development was then constructed and the remaining ground floor commercial space let to Bexley Council for an Adult Education Centre. Part of the roof space was let to Vodafone for a mobile phone mast.
The total rental income from the tenants is £569,540pa. The completed investment was sold to Henderson Global Investors for £8,925,000 at a 6.03% NIY.
Acorn do far more than simply manage acquisitions and disposals. Our expertise is far reaching such that we can advise and manage the identification, conception, promotion and facilitation of complicated mixed-use projects.
PROJECT ADDRESS: 1-3 Sidcup High Street, Sidcup, Kent DA14 6EN
CLIENT: Private investor / Developer
PROJECT VALUE: £8,925,000
PARTIES: Waitrose, Travelodge Hotels, Bexley Council, Vodafone & Henderson Global Investors
