Clifton Agency are pleased to report the sale of a Croydon office to residential re-development to a private investor from Asia.
Acting on behalf of Sheen Lane Developments Ltd, Capella Court provided a 86-unit, fully stabilised PRS block, for £26,000,000 following a competitive bidding process.
Formerly a 70,000 sq ft 1960s office, known locally as the Volkswagen building, the island office is on Purley Way, within a short walk of both Purley and Purley Oaks stations. Occupancy at the point of sale was close to 100%.
Martin Tynan, director of Sheen Lane Developments said:
“Despite various headwinds, this sale further demonstrates the continued demand for quality, well-positioned PRS assets across Greater London.”
Jim Remfry, co-founder at Clifton Agency commented:
“Capella Court is an impressive former office building, which has been converted into an institutional-grade PRS asset. To see a stabilised asset of this quality come to market is rare, and we are delighted to have advised Sheen Lane on the disposal. There appears to be good interest in the PRS sectors from a wide range of investors, and we are seeing that across the various sales we are handling.”
Our clients at Sheen Lane have a significant ongoing development pipeline so please get in touch with the Clifton team, to discuss this deal, or any wider PRS / BTR requirements.
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