Addington Capital secures new lease at Carew House, Wallington

Addington Capital, the property investment and asset management specialist has secured a new lease with the Royal Marsden NHS Foundation Trust for the second floor of Carew House, Wallington, Greater London. Royal Marsden NHS Foundation Trust occupy 7,949 sq. ft. on a new lease at a rent of £155,000 per annum (£19.50 per sq ft). on the same terms as its previous lease agreed in July 2016. It also has 13 on-site car parking spaces.

Agents for the deal were Bray Fox Smith for the landlord and Matthews & Goodman for the tenant.

The deal follows on from Addington’s letting of 7,900 sq. ft, the entire third floor, in March this year to DWP, the Department of Work and Pensions, for use as a job centre.

Following these lettings, the long leasehold interest (86 years unexpired) of the 48,086 sq. ft building is now to be launched for sale at a price in excess of £8.59 million reflecting an attractive net initial of 8.50% to an incoming investor.

Carew House* is now multi let to two tenants with Government/ NHS backed income: The Royal Marsden NHS Foundation Trust (second floor) and The Secretary of State for Communities and Local Government (lower ground, ground, first and third floors). Addington has refurbished the building in the past five years to create modern office space with 101 car parking spaces. The office is close to Wallington Town Centre, adjacent to the main railway station and 500 m from the main retail centre.

David Dalrymple, Partner at Addington Capital said, “We are delighted to have secured extended lease terms in this building and now have secured undoubted income in the form of these two tenants. Wallington is a sub-market of the ever-popular Croydon, where office rents are expected to grow. Following our refurbishments, we think a building of this quality, producing good income from such a solid tenant base should prove attractive to investors.”

TTG are advising Addington on the sale.