Europa Capital and Addington Capital have bought 1 Lampton Road in Hounslow, west London, from clients of LaSalle Investment Management for more than £20m.
The office and retail block is the second acquisition of the pair’s London affordable residential platform.
The strategy focuses on either converting offices or building residential blocks, which will then be held in the pair’s rental platform.
The 121,812 sq ft mixed-use property provides 72,571 sq ft of offices and 49,241 sq ft of shops. Tenants include TK Maxx, Job Centre and Sri Lankan Airlines. It has permission under permitted development rights for conversion into 115 flats.
Europa Capital partner Hugo Black said: “This is our seventh joint venture with Addington Capital and supports our continued drive to address the shortfall of housing in the UK. Since 2010, we have also acquired land with potential to deliver up to 8,600 homes across 12 separate acquisitions.”
Savills advised the buyers; Gerald Eve acted for the vendor, clients of LaSalle Investment Management.
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