Addington Capital has sold 1-27 Station Parade in Elm Park, Hornchurch, east London, to Property Development Solutions Europe for £12m.
The premises are a mixed-use scheme comprising 20 retail units, anchored by a 7,000 sq ft Co-op store, and 31 homes.
The property has been actively managed by Addington Capital since it was purchased in 2014.
Through a reconfiguration of the site and rolling refurbishment of the residential units, the rents have increased by 73.5% between purchase and disposal.
David Dalrymple, partner at Addington Capital, said: “Our business plan for Elm Park has been successful. The scheme is fully let and we reached the right stage in our cycle to sell. We believe there is good future redevelopment potential for the scheme to the rear and the potential to add an additional storey of residential to the existing structure.”
Allsop was the agent for the vendor.
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