Neal Street disposal
Covent Garden, London WC2, UK - Retail
- Purchased for £8.4m as part of the Artemis portfolio in March 2014 (£1,475 psf and a 2.81% NIY), the property comprised a ground floor and basement retail unit occupied by Speedo with three floors of vacant, dated offices above. The asset extended 5,590 sq ft, with the retail unit accounting for approximately half of the total.
- We achieved a 16% rental uplift at rent review on the ground floor retail unit and obtained planning permission to comprehensively refurbish the property and change the use of the top two floors from office to residential with the creation of a new residential floor at roof level.
- Having completed our asset management plan, the property was openly marketed and sold to an adjoining landlord in November 2015 for £14.8m, delivering a return on cost of 67%.