High Street Case Studies

Former petrol station in Chiswick sells for £3.6m

The JV partners are continuing to realise value from the portfolio of 19 former petrol stations purchased for £3m in December 2010.

The 137-143 Chiswick High Road site, which was leased to Metro Bank for 25 years from November 2011, was developed by the bank, which undertook all development costs, and opened as a Metro Bank branch in 2012.

This site has now been sold to Vectis Property Group for £3.6m.

The joint venture vehicle is carrying out an on-going programme of development for the rest of the sites which includes residential and retail units for re-sale or leasing opportunities.

Eight other sites within the portfolio have been sold to date, including:

  • Altrincham, nr Manchester
  • Cradley Heath, West Midlands
  • Reading Rd South, Hampshire
  • North Holt Road, South Harrow
  • Sudbury, Suffolk
  • Tilehurst Rd, Reading
  • Badshot Lea, Farnham
  • Maldon Rd, Chelmsford

274 Banbury Road, Summertown, Oxford, UK — 6,053.02 sq m

This prominent mixed use office and retail investment was purchased from a consortium of private investors for £4.77m with an average unexpired term of over five years and reflecting a net initial yield of 8.6%. The property comprises 20,000 sq ft of retail units and refurbished office space, located in the affluent Oxford suburb of Summertown.

Currently let to seven tenants producing a combined rent of circa £435,000 pa. Boultbee LDN is now implementing various asset management initiatives. These include tenant covenant strength improvements through the recovery and re-letting of suites and an increase in the retail space, through the extension of the existing units along the main road frontage.