Wilkinson Williams

Wilkinson Williams were instructed by Aviva Property Investors in November 2010 to provide investment advice with regard to the potential sale of Purley Way Retail Park in Croydon, Pages Corner Retail Park in Worthing and Orpington Retail Park, Orpington as we knew the properties well, having been letting agents on the schemes. Following our initial advice we were instructed to sell the three properties which were all based on the south east and benefited from open A1 non-food planning consent. The properties were purchased by separate investors.

IM Properties have bought Purley Way Retail Park in Croydon for £22.15 million from Aviva Investors. The scheme is divided into 4 units occupied by Carpetright, Easy Living, Paul Simon and Harveys, and extends to a total of 42,123 sq ft. The property is fully let, with leases expiring in 2019 and 2021, and with rents of between £30.00 and £40.00 per sq ft.

Pages Corner Retail Park in Worthing was purchased by Threadneedle for a price of £7.5 million, equating to a 6.11% NIY. The property is let to The Range and Carpetright, with leases expiring in 2020 and 2025, at rents between £11.10 and £18.16 per sq ft. Both leases provide for fixed rental increases throughout the term of the leases.

Orpington Retail Park was sold to Aviva’s new Recovery Fund. The property was sold for £11.625 million, which equates to a 6.08% NIY. The property is a prime 2 unit scheme in a strong trading position in Orpington, extending to 20,463 sq ft, let to Sports Direct and Dreams at a rent of £37.00 per sq ft, with leases expiring in 2020 and 2022.