Pension fund offloads West London property duo for £21.9m

Real estate asset manager Catella APAM (APAM) has completed two separate sales for a duo of West London properties for a combined value of £21.9m.

The sales of 84-86 King’s Road, Chelsea, and 376-384 Chiswick High Road, Chiswick, were completed on behalf of Greater Manchester Pension Fund.

APAM was appointed to manage the properties in November 2021 and has undertaken a number of asset management initiatives over the last 18 months. This includes securing new tenants for both sites, extending leases to enhanced covenants, and taking back possession of residential dwellings at the Chelsea property.

The King’s Road asset fetched a price of £10m while the Chiswick High Road property was sold for £11.9m. APAM said that both sales produced a significant premium over take on valuation.

Rhys Williams, senior asset manager at APAM, said: “We are delighted to have completed on both disposals during a difficult investment market. These results show how strong returns can be achieved through proactive asset management.”

GCW acted on behalf of the vendor for the Chiswick sale. Catella APAM acted directly on the disposal of King’s Road, Chelsea.