Bayswater’s The Colonnades sold for £33.5m

FTSE 250-listed investment trust TR Property has announced the sale of The Colonnades in Bayswater, London to a private family office for £33.5m.

The property extends to two acres and comprises a mixed-use block featuring a Waitrose supermarket and upper residential sections, which were sold in 2022 for £5m.

TR Property has conducted significant asset management on the property, including a 16,000 sq ft extension and refurbishment to the Waitrose store in 2015, with the supermarket – which is let on a 20 year lease – doubling in size to 44,000 sq ft.

Whilst TR Property primarily invests in real estate investment trusts and other listed property companies, it is able to hold up to 15 per cent of its assets in physical UK real estate.

The investment trust said the sale of The Colonnades is in line with its strategy to recycle capital out of mature assets.

George Gay, direct property fund manager at TR Property, said: “Through this sale we have been able to unlock in excess of £30 million to invest into higher-yielding assets such as multi-let light industrial. Having transformed the Colonnades, this is the right time to exit and turn towards future opportunities and growth.”