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:
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.