South London retail park handed £56.1m price tag
A retail park in Colliers Wood, South London has been placed on the market with a price tag of £56.1m, reflecting a net initial yield of 6.5%.
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. Recent rent lease extensions have also been signed with Next, Tk Maxx, and Clarks. The Tandem Centre has an expected WAULT to expiry of circa 8.3 years, following likely transactions with WHSmith, JD Sports, and Sports Direct. Other tenants include Homesense, Starbucks, and Nando’s.
The scheme produces a rental income of £3,892,542 per annum, assuming a rental guarantee on Unit 5B, equating to an average of £31.15 per sq ft.
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.
Park Place Retail has been instructed to seek offers for the asset.