SLI buys Croydon centre
Standard Life Investments has bought the 60,000 sq ft Purley Way centre in Croydon, Surrey, from Aviva Investors for £31.7m – a 5.9% yield. Tenants include TK Maxx, Mamas & Papas and Argos on rents from £30.50 to £40 per sq ft. Wilkinson Williams acted for Aviva Investors; BNP Paribas acted for Standard Life.
Helical Bar sheds warehouse
Helical Bar has sold Hitchcock & King DIY warehouse in Ashford, Surrey, to LondonMetric for £7.4m – a 6.8% yield. The 32,200 sq ft property is let to builders merchants on a long unexpired lease of more than 24 years at £16.47 per sq ft. Wilkinson Williams advised Helical Bar; Knight Frank acted for LondonMetric.
Fidelity invests in Essex
Fidelity UK Real Estate Fund has bought two industrial warehouses in West Thurrock, Essex, for £6.5m – a 7.9% yield – from PRUPIM. The properties total 105,000 sq ft and are let to Ford Retail and Hermes Parcelforce. They produce £539,700 annual rent. Strutt & Parker acted for Fidelity; Lewis Ellis advised PRUPIM.
Pharmacists exits HQ
The Royal Pharmaceutical Society has sold 1 Lambeth High Street, SE1, to Tim Farrow’s Real Estate Resolution for around £15m. The society plans to move out of the 66,000 sq ft freehold office building, which sits on a 0.4-acre site, within the next two years. Capita Symonds advised the society; DE&J Levy advised RER.
Association buys a gem
The Gemmological Association of Great Britain has bought 21 Ely Place, EC1, from receivers at Copping Joyce for £2.8m. The 4,200 sq ft freehold property was sold with vacant possession. Jarvis Keller Stephens acted for GEM-A; Copping Joyce and Farebrother represented the receivers.
Annabel.dixon@estatesgazette.com
