Sale of North End Road, Croydon
Acting jointly with Jones Lang La Salle, we advised GE Capital Real Estate on the disposal of a unit in the prime retail pitch of Croydon, to an overseas purchaser.
The property is let to Pizza Hut (UK) Ltd on a 15 year lease from 2009, at a passing rent of £200,000pa.
Over-rented, the property was sold for a price 20% above book value, reflecting a 4.5% reversionary yield.
Mike Channing, Director of Cordatus commented “we had advised on the re-gear of the lease back in 2009 and through careful market monitoring our client took advantage of a pick-up in investment market sentiment for Croydon retail against the background of the Westfield/Hammerson proposals, to achieve a very strong exit price”.