Marchmont Investment Management and Peveril Securities have sold Clarkes, Sydenham, a 2.54 acre, a prime South London site to ARA Europe for £13.75m, reflecting a 1.8% NIY with an outstanding rent review in December 2021.
Marchmont acquired the property for £9.2m in February 2021.
The site is a rare last mile logistics location being less than 30 minute drive time to zone 1 and will be a beneficiary of the £5.25bn regeneration of nearby Croydon. The asset offers medium term secure income and the rare opportunity of land-banking a prime London last mile logistics/industrial development site, subject to planning.
Cameron Fraser, Director at Marchmont, comments: “The opportunity to trade the asset with the rent review outstanding highlights the continued strength of the London urban logistics market and offers the buyer optionality to continue to hold for income or redevelop upon expiry”.
Chris Kirkland, Director at Peveril Securities, comments: “We are pleased to report another successful outcome with our long standing partners Marchmont Investment Management, yet again illustrating the ongoing strength of the last mile logistics market in greater London”