Joint venture partners Boultbee and London & Central Securities 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 was sold to Vectis Property Group for £3.6m.
London and Boultbee Ltd, the joint venture vehicle, have carried 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: