The completion this month of the 21,300 sq. ft. development at 180 Brockley Road, located close to the mainline Brockley railway station, has seen Boultbee LDN hand over the keys to the 25 apartments on the upper three floors that had all sold off-plan. It also completed the sale of the main 4,000 sq. ft. ground floor retail unit pre-let to supermarket chain J. Sainsbury Plc for a Sainsbury local store. The sale price of the retail space reflected a net initial yield of 4.9%.
Simon Hosking, Boultbee LDN’s Managing Director, said: “This is the first London project to complete in our new pipeline of residential developments and it generates an attractive return for our investors. We are scouring London and South East England for more investment opportunities, mixed-use development projects of this kind and office refurbishments to which we can add significant value through our expertise.”
The joint venture development partner of Boultbee LDN and Peveril Securities Ltd was Shape Real Estate, while Titlestone Property Finance provided the project finance. JLL advised on the sale of the retail units and Kinleigh Folkard & Hayward for the sale of the apartments.
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