Cluttons acquires a slice of prime Kensington property
Cluttons advised on the freehold purchase of a prime retail and leisure investment on Kensington High Street, London W8 on behalf of a private client. The purchase price was £12.81 million, reflecting a net initial yield of 5.5%.
The property comprises approximately 19,648 sq ft and is let to three retailers, including JD Sports and Robert Dyas, on the ground floor. In addition, the upper parts contain a gym.
The investment will produce an annual income of £743,257 but is considered reversionary, with rent reviews due next year. In addition, the property has the potential for an extension and change of use to residential of the upper floors over the medium term, as well as the potential to add value through active asset management.
The purchase was secured in a short time period, with completion within 10 days of agreeing heads of terms, demonstrating that Cluttons is well positioned to advise clients and has a strong track record of performance under time pressure.
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