Clifton Agency have completed the sale of 129-131 North End, Croydon on behalf of Avignon Capital. The Greater London retail and residential investment sold for £1,250,000 and comprised a retail unit let to Costa Coffee and a large 6-bed flat with vacant possession. The upper parts benefitted from planning consent to convert the existing maisonette into two separate flats (one 3-bed and one 1-bed).
The retail element of the property was let to Costa Limited on a new 10 year lease from Feb-23 with a break in year 6, producing a total income of £70,000 per annum. At sale, this reflected a retail NIY of 7.49% and £233 per sq ft on the residential.
Ben Simpson commented:
“It was a pleasure to work with GCW to achieve a successful result for our respective clients. We had been advising Avignon on this disposal for some time and to conclude the sale for our clients in such a challenging investment market was particularly rewarding.”
For further information on this transaction, or to discuss similar investment requirements, please contact the team at Clifton Agency.
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