CBRE Global Investors has acquired, on behalf of West Midlands Pension Fund, Bell Green Retail Park, Sydenham, London. The vendor was Kier Property, the development arm of Kier Group.
The property comprises a modern purpose-built scheme totaling circa 142,000 sq ft across five retail warehouse units and four light-industrial units, together with a McDonald’s drive-thru.
The site extends to 9.8 acres and is directly opposite a Sainsbury’s food store. The scheme is let to a mix of national multiple tenants including: Pets at Home, Next, Currys/PC World, B&Q, McDonald’s, Plumb Centre and Halfords. The average WULT is 12.3 years to expiries.
Sydenham is a well-located suburban district predominantly within the London Borough of Lewisham, situated approximately six miles southeast of Central London. The park occupies a prominent position off A212 Perry Hill which runs north-south providing direct links to South Circular Road at Catford to the north and Southend Lane/Sydenham Road to the south.
“Notwithstanding the headwinds that the retail occupational market is experiencing, this retail park stands out as a quality-buy due to the strength of the tenants and their trading performance. There is a reduced retail supply in Greater London and a growing population, which makes this an attractive proposition long-term,” commented Russell Taylor, Fund Manager for West Midlands Pension Fund, CBRE Global Investors. “Our client’s strategy is to opportunistically increase their exposure to commercial real estate and this property provides them with a prime asset acquired at a sensible price,” he added.
