THE NUTS AND BOLTS OF A LONDON SCHEME
The acquisition, development, letting and subsequent sale of a site in New Eltham, south-east London, saw HRH Retail involved at every step of the way.
We acted on behalf of Crocus Valley (New Eltham) Ltd in acquiring the former petrol filling station at Avery Hill, SE9, for £925,000.
Planning consent was obtained for a mixed-use development comprising a 4,260 sq ft retail unit at ground floor, seven customer car spaces to the rear and seven flats on the two upper floors.
We then let the retail unit to Toolstation, guaranteed by Travis Perkins, for a term of 15 years at £80,000 per annum with fixed uplifts to £88,000 per annum in 2022 and £95,000 per annum in 2027.
The flats were sold off on 125-year leases and we sold the investment of the whole property on a 999-year lease to Skymark Investments for £1.58m, showing an initial yield of 4.77%.