GCW has acted for Blackrock Real Estate on the sale of a key Kingston asset. 61 - 67 Clarence Street sits in the heart of the town’s prime retail pitch and has sold for £5.675m, with an NIY of 6.7%.
GCW has advised Blackrock on the asset for a number of years, securing post-covid lettings to Leon and Turkish food store Simit Sarayi. After adding value through smart asset management, including a refit by Body Shop, GCW advised on the optimum time to exit and helped its client complete a successful sale well above asking price.
The property is in prime position within the affluent London suburb. The pedestrianised high footfall street attracts strong occupier demand and the building provides a total passing rental income of £405,000 pa. In addition, its unutilised upper parts represent a future redevelopment opportunity subject to planning.
The Investor Team at GCW managed a competitive bidding process with 3 parties offering above the asking price. The team exploited its market knowledge and marketing expertise to secure a stand-out deal.
Tim Greenland, Vice President at BlackRock Real Assets, said: “This is a great result and well executed by GCW.”