London-based developer and asset manager W Real Estate has bought the freehold of British Land’s Debenhams-let property in Clapham Junction.
The Grade II listed Arding and Hobbs building, which has been let to Debenhams for more than 16 years, was sold for circa £48m. The 140,000 sq ft store is located at the junction of Lavender Hill and St John’s Road, SW11.
The sale forms part of British Land’s strategy to reduce its exposure to the high street and to increase its focus on mixed-use destinations and multilet shopping centres.
Sascha Lewin, managing director of W Real Estate, said: “This acquisition underpins our philosophy of acquiring exceptional real estate in core London locations.
“The building sits at the epicentre of Clapham Junction’s retail hub. With its proximity to Europe’s busiest train station and the potential future investment benefiting Crossrail 2, we view Clapham Junction as an exciting area for growth and development.”
CBRE, which has also been instructed to sell off British Land’s remaining Debenhams freeholds in Bournemouth, Cardiff, Chelmsford and Chester, acted for the vendor; Cushman & Wakefield advised W Real Estate.
Richard Lunn, director at CBRE, said: “Following a targeted marketing campaign, this strategic disposal is evident of the sheer weight of capital targeting core London locations.
“The wide mix of investor interest demonstrates that demand for retail and potential redevelopment assets remains incredibly strong.”
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