LaSalle offloads South London retail park for over £60m

LaSalleI Investment Management has completed the sale of the Tandem Centre retail park in Colliers Wood, South London, to clients of Abrdn in a deal worth over £60m.

Located 8 miles from Central London, the Tandem Centre comprises 117,752 sq ft of space and is part of a wider regionally dominant retail centre.

The scheme is anchored by Lidl with a lease expiry in 2045 and five-yearly retail price index-linked rent reviews. Other tenants include Next, Tk Maxx, Clarks, JD Sports, Sports Direct, Homesense, Starbucks, and Nando’s.

It is located adjacent to a 130,000 sq ft M&S store, a 105,000 sq ft Sainsbury’s supermarket, and the 67,333 sq ft Priory Retail Park.

Miles Marten, investment partner at Park Place Retail, which acted for Lasalle, said: “The marketing and sale of this scheme has demonstrated there is strong institutional demand for high quality retail park assets. The strength of the sector and the potential for rental growth is now being recognised by a growing number of investors. Many thanks to our clients LaSalle Investment Management, and it was great to work with the team at Abrdn and their agent, Freddie MacColl at Knight Frank.”