Delancey wins Ram dispute
A high court judge has ruled in favour of Delancey in an ongoing dispute over the Ram Brewery site in Wandsworth. According to the ruling, Delancey should have been paid £3.7m by Chinese property developer Greenland as the final payment in the £135.7m sale of the site, which related to an overage payment dependent on Delancey enhancing planning permission within 10 months of the time of the sale.
Chen makes UK debut in E14
Hong Kong billionaire Chen Hongtian is making his debut UK property purchase with the acquisition of Brookfield’s 20 Canada Square, E14, for around £410m. Chen has agreed terms to buy the 566,000 sq ft property through his Shenzhen-headquartered private real estate vehicle Cheung Kiu Group for a net initial yield of around 5.2%. Savills is advising the buyer; JLL is representing Brookfield.
Great Western retail park for sale
Quadrant Estates and KKR are selling the Great Western retail park in Glasgow for £54.5m – a 6.5% yield. JLL and Montagu Evans have been instructed to sell the 193,628 sq ft park, which produces an annual rental income of £3m and has a weighted unexpired lease term of 11 years. Tenants include B&Q, Currys and Wren.
BBC sells Caversham Park
The BBC is selling its historic Caversham Park campus near Reading, opening up a major development opportunity on the 93-acre site. The BBC has appointed Lambert Smith Hampton to market the asset as part of its ongoing savings plans and modernisation of its property portfolio.
