The Bromley property at 19-25 Market Square/White Lion Walk, was purchased on behalf of Siemens Benefits Scheme, an in-house managed fund of CBRE Investors, in February 2007.
The block is comprises eight retail units with self-contained offices above, key tenants included; Argos, Waterstones, Starbucks, and Wallis. GCW knowledge of the retail demand for Bromley and and this particular location allowed their client to secure a good purchase price on the basis that there were impending lease expiries on Argos and Waterstones, both of whom had two branches in the town. To the less experienced this would be seen as a negative point but GCW spotted the opportunity.
GCW knew, from our experience in the retail market, that the passing rents were not challenging and that GCW would be able to secure higher rents on new open market lettings. Our retail expertise meant that we could offer the client advice that would add value to the investment.