Caxtons completes £7.6m deal on prime London retail property

Caxtons Chartered Surveyors has announced the successful conclusion of a £7.6m (ex VAT) deal for one of its investment clients.

This prime retail property is located in the south west London suburb of Richmond upon Thames, just 8 miles south west of central London. It is let to the fashion retailer Massimo Dutti until 2024 (with a review in 2019), for a current rent of £325,000 per annum providing an initial net yield of 4%.

Neil Chatterton, Managing Director of the Kent based independent firm of chartered surveyors, has represented the purchaser – a Hong Kong based property company – since the 1980s.

Neil said: “This is the second Richmond property that we have acquired for our client who have an interest in prime property in and around the London area. The first, purchased earlier this year, is positioned in the busy shopping area of The Quadrant, and was obtained at a purchase price of £2.35m. In addition to our investment work on our client’s behalf, we also manage a number of their properties in Maidstone, Ashford and Southampton.

“The sale was handled by central London agents Lewis & Partners and first presented to the client at the end of the summer. It took a couple of months to complete the transaction which is a valuable addition to our client’s portfolio.“

The wealth of the borough is evidenced in an above average spend per head of population and corroborated by positive house price growth, which in 2015 was 32% above the Greater London average. Prime property values have also risen by an estimated average of 105.4% since 2007.

Purchased from a Trust, this elegant, freehold, mid-terrace property is of traditional brick construction, set over three floors with Victorian style sash windows and provides 6,432 sq ft.