LaSalle acquires prime south London retail park.
LaSalle Investment Management has bought Purley Way retail park in Croydon from IM Properties for £45.56m, reflecting a net initial yield of 4.59 per cent.
Purley Way is ranked both the number one retail warehouse destination in London and among the top 10 in the UK. The park is fully occupied and comprises nearly 70,000 sq ft of predominantly open A1 retail warehousing. The site also includes 0.5 acres of undeveloped land to the rear.
Purley Way retail park is positioned opposite Sainsbury’s on one of the most prominent retail terraces in the area. Existing tenants include SCS, Carpetright, Oak Furniture Land, Harveys and Sofology.
Rafi Simmons, senior asset manager at LaSalle Investment Management, said: “This purchase is in line with our strategy to acquire high-quality, dominant properties. It is rare for this quality of retail park to come to the market and we are delighted to have been able to secure it. Croydon is London’s largest borough and continues to be one of the strongest retail locations in the UK. Its forecast population growth together with a proposed multi-billion pound strategic investment plan, will further strengthen its attraction as a place for people to live and work.”
JLL advised IMP and LaSalle Investment Management.