Addington Capital, the property funding and asset administration specialist and its three way partnership companions have offered 1-27 Station Parade Elm Park, Hornchurch, East London to Property Improvement Options Europe for £12 million.
Elm Park is a mixed-use scheme comprising 20 retail models, anchored by a 7,000 sq ft Co-op retailer, and 31 residential models. The property has been actively asset managed by Addington Capital because the property was bought in 2014.
The scheme was initially acquired in 2014 as a part of the mixed-use Tree Portfolio, subsequently changing into a part of the Bonsai portfolio in 2018
Via a reconfiguration of the positioning and rolling refurbishments on the residential models, the rents have elevated 73.5% between buy and disposal.
David Dalrymple, Accomplice at Addington Capital mentioned, “Our marketing strategy for Elm Park has been profitable. The scheme is absolutely let, and we reached the fitting stage in our cycle to promote.
“We imagine there may be good future redevelopment potential for the scheme to the rear and the potential so as to add a further storey of residential to the prevailing construction.”
Brokers for the distributors had been Allsop LLP.