Ashford Developments has sold part of its retail investments in the newly built £200million Thurston Point development in the centre of Lewisham, London SE13, to a Knight Frank investment management fund.
The development was conceived and promoted by Ashford Developments in a joint venture with original owner Workspace PLC.
It comprises a mixed-use 17-storey building of some 400 apartments above ground floor retail space of over 70,000 sq ft of commercial units, including an Asda store and The Gym as well as some smaller open A1 retail units and live-work accommodation. The scheme was constructed by London & Quadrant Housing Association which is retaining the private residential for PRS.
The sale to the KFIM Long Income Property Unit Trust for £13.7m is of the Asda and The Gym investments as well as an empty unit aimed at the coffee outlet market, a total of nearly 41,000 sq ft and reflecting a blended yield of 4.85%.
Richard Ashford, of Ashford Developments, said: “This sale is a culmination of a long but successful delivery of a major regeneration project within one of London’s fastest growing and most connected boroughs. Our motivation was to demonstrate how major institutional grade retail can be made integral to high density sustainable residential.”
Mark Dakeyne and Aaron Chandler at Birmingham law firm Emms Gilmore Liberson, and Dominic Walton at London agents Knight Frank, acted on behalf of Ashford Developments. Dakeyne said: “I have worked with Richard at Ashfords for more years than I care to remember and this project started life back in 2004, so Ashford Developments and Workspace Group have certainly earned the fruits of their efforts.
“Property development is often a long game and it’s very rewarding for all concerned when a project is built and occupied and both clients and advisers reap their rewards!”