Charterhouse Property Group, advised by Avison Young, has purchased the freehold investment at Venture House and Dowlands Shopping Precinct in central Purley, near Croydon.
The 0.6 acre (0.056 hectare) site borders the two main shopping streets in Purley: High Street and Brighton Road and is located in close proximity to Purley train station. The property comprises 13,292 sq ft (1,235 sq m) of office space over two floors and 11,488 sq ft (1,067 sq m) of prime ground floor retail space. Of the 10 retail units, 8 are currently let to tenants including Boots, Ladbrokes and Subway.
Charterhouse Property Group, which exchanged within five working days of acceptance of its offer, plans to develop the office space into residential units, for which prior approval for 24 units has already been obtained, and will retain the retail space.
Piers Leigh, Principal of Avison Young comments: “This investment offers good returns from both the residential and retail aspects of the site. As pressure is placed on Croydon, demand for residential accommodation in Purley is at a high and plans for other mixed use sites in the town, such as Mosaic Place, demonstrate opportunity to add value.”
Chris Old, Managing Director of Charterhouse comments: “Avison Young add value throughout the acquisition process, they have advised Charterhouse on several successful purchases over the last six months. It’s a pleasure to work with a forward thinking company with such a highly motivated team.”
JLL acted for the vendor.