North London-based family trust Englander Group has offloaded its second commercial asset in 10 months.
It sold the 70,000 sq ft Fulham Island, SW6, near Chelsea Football Club’s Stamford Bridge stadium, to DTZ Investment Management. DTZ IM paid above the £18m asking price, which reflected a 6.61% yield.
Martin Wright, group property controller at Englander, which has a mostly residential-led portfolio, said: “There is no fixed disposal strategy, but we realised that the market for mixed-use freeholds in certain parts of London is particularly strong at the moment, making this the time for us to be opportunistic and generate a good profit to re-invest into the business.”
More than half of the Fulham Island site is shops and restaurants. Some 28,000 sq ft is residential. It generates £1.3m pa, and has a range of rent reviews scheduled.
Englander’s last disposal was in April last year, when it sold 1 Southampton Row, WC1, to German fund manager Deka Immobilien for £111m.
Jackson Criss advised DTZ IM; BNP Paribas Real Estate acted for Englander.
joanna.bourke@estatesgazette.com
