Our expertise covers a wide cross section of the market, and we often find that a single deal requires the deployment of different skillsets in order to maximise value.
Christopher House is a substantial, detached, commercial building adjacent to Sidcup Station. We acquired the investment from Receivers in the open market on behalf of retained clients, The Purelake Group. Extending to approximately 30,000sqft and let to a variety of office and leisure operators; a price reflecting a 10.4% NIY was paid on an unconditional basis.
Following the acquisition, the various leases in place were
negotiated in order to facilitate vacant possession on reasonable notice. Discussions were held with several potential long-term tenants, and a planning application submitted for a new landmark 9 storey building. Consent for the scheme, which comprises 9,000sqft of commercial space, a 106 bedroom hotel and 168 student letting rooms was secured at local level.
The hotel was pre-let to Premier Inn, and a long term agreement has been reached in respect of the student accommodation with Rose Bruford College; a local performing arts centre. With work now underway on site, our commercial team have begun to seek tenants for the ground floor space.
Acorn is able to offer a joined-up solution to the agency elements of deals like Christopher House. We source opportunities, and we master-plan them, but most importantly we deliver an effective exit strategy for our clients.
PROJECT ADDRESS: Christopher House, Station Road, Sidcup, Kent DA15 7BS
CLIENT: The Purelake Group
PROJECT VALUE: £20,000,000