Christmas Eve Chiswick Disposal by DTZ Investors to Farm Street Capital
DTZ Investors has disposed of 326-334 Chiswick High Road, London. The property is a mixed-use, multi-let building comprising two retail units and nine flats. The property is situated in Chiswick, in proximity to Chiswick Park Underground Station and Turnham Green Underground Station. The retail units are let to Robert Dyas and Boots, with an unexpired lease term of two years to expiries. The upper parts have been converted to residential and are let on ASTs.
The property was sold to Farm Street Capital for £11.6m.
Charlotte Barton, Portfolio Manager at DTZ Investors, commented:
“Christmas came early with the sale of Chiswick High Road, completing on the 24th December. The sale represents an excellent outcome and was agreed in a challenging environment. The property benefits from a strong tenant line-up, which is more robust to the impacts of COVID-19. The asset was re-positioned prior to the sale, following the redevelopment of the upper floors to residential and the settlement of the rent reviews across both retail units”.
Oliver Taylor, Director at Farm Street Capital, added:
“Having recently joined Farm Street, the purchase of this property marked a great end to the year, and clearly aligns with our approach to purchase prime, well-located assets on short leases. Both tenants had been in occupation for 20 years plus and with more people embracing the amenities and essential retail in their local area over the past year, we realised the potential for this town-centre asset, both in the near- and long-term. We recognise the opportunities in retail right now and are continuing to explore opportunities to acquire well-located assets throughout the UK – both in retail and elsewhere.”
CWM acted for DTZ Investors. KLM Retail acted for the purchaser, Farm Street Capital.