CBRE advises private Irish investor on sale of Romford property
The UK Development team at CBRE has advised a private Irish investor client on the disposal of a property in Romford town centre.
Joint agents CBRE and Savills sold 56-72 Market Place in Romford on behalf of their client for £12 million.
The 228,066 sq ft (21,188 sq m) property occupies a 1.37 acre (0.55 hectare) site and is let on a single lease to Debenhams generating a total income of £845,000 per annum. The building is on Market Place in the main shopping district of Romford, close to the Liberty Shopping Centre and Brewery Shopping Centre.
Prospective buyers were interested in the mixed-use redevelopment potential of the site and the potential to build new homes in a town which has witnessed significant residential value growth in recent years.
Romford is the main market town in the London borough of Havering. According to CBRE research, house prices in the borough are below the London average, but those who have put their money into this area have been rewarded by consistently strong returns, and further house price and rental value growth is forecast.
The sale of 54-72 Market Place in Romford demonstrates investors’ and developers’ continued strong appetite for assets which benefit from short term income, underpinned by improving infrastructure and potential latent redevelopment value.
The purchasers, private UK-based investors Mitual Jay Patel and Rohan Jay Patel of NWT Real Estate, were advised by Idnan Liaqat and John Oliver-Bellasis of Axiom Stone Solicitors based in Mayfair London.
Idnan Liaqat, Partner and Head of Real Estate at Axiom Stone confirmed on behalf of the purchasers that they are hoping that Debenhams will continue to trade successfully from the site.
Future plans for the property will be discussed jointly with Debenhams and Havering Council in due course.
For more information, please contact:
Jonathan.Allen@cbre Tel: +44 (0) 207 1823 174
Aaron.Moles@cbre.com Tel: +44 (0)203 576 558