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Addington Capital sells four asset in portfolio break-ups

Addington Capital continues with implementation of portfolio break-ups. Some of the recent sales include:
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Savills Investment Management
Knight Frank LLP
Addington Capital

261 – 277a High Street, Orpington
20,038 sq. ft. of retail, residential and office accommodation comprising a parade of shops, six 3-bed residential units and 2 office suites. The parade has a diverse local tenant mix including estate agents, solicitors, opticians, funeral care and amusements. The passing rent is €356,177 (£303,040) pa (€17.77 or £15.12 psf overall). The properties were sold to an unrepresented private investor for €6.5 million (£5.5 million). Savills and Allsop acted for seller

Airedale Mill, Lawkholme Lane, Keighley

387,000 sq. ft. former mill building complex let to Peter Black Footwear & Accessories Ltd. The property has a lease expiring 20 July 2017 at a rent of €1,212 million (£1,031 million) per annum. The property was sold for €3.6m (£3.1m) to an undisclosed Manchester based property company, advised by Allsop. Addington brokered the deal directly.

Heaton House, 216-224 Fulham Road, London-
A freehold property comprising a prominent retail parade (5,658 sq. ft. of retail, restaurant and leisure accommodation) with residential ground rents above in the London Borough of Kensington and Chelsea. The property is multi-let producing €278,851 (£237,250) per annum exclusive with a WAULT of 12.1 years to lease expiry and 9.5 years to break. The residential uppers (sold off) comprises of 12 flats. The property has been sold to an undisclosed private investor for €5.23 million (£4.45 million), reflecting a yield of 5%. Allsop advised the vendor.

Devonport House, Durley Park, Keynsham, Somerset
Three interlinking office buildings of 36,934 sq. ft. on a site area of 3.41 acres. The property is let to Devonport Royal Dockyard Limited until Oct 2025 subject to 5 yearly RPI uplifts, at a passing rent of €548,197 (£466,413) (€14.83 or £12.62 psf). The property was sold to a private investor advised by Knight Frank for £5million. Allsop acted for the vendor

Commenting on these deals, Matthew Allen, Principal of Addington Capital said, „Despite the uncertainty caused by Brexit, demand for sub £10m lots in London and the regions remains strong. The depth of this market and the spread of buyers is easily underestimated. Breaking up portfolios acquired over the past 2/3 years remains a viable and attractive business plan, further underpinned by the strong auction market.“