August 1, 2016
Altum Capital has acquired a mixed-use building located at 330-344 Walworth Road in London’s Elephant & Castle from Kennedy Wilson for £7,800,000 in an off-market transaction.
The building totals 39,453 sq ft of accommodation and is multi-let to four tenants, including Iceland, Peacocks and The Gym for a weighted average lease term of 8 years to breaks.
The property offers a diversified income stream, let to strong covenants, with opportunities for asset management in the short to medium term. It will also benefit from the significant investment that is going into the surrounding area.
Jack McCarron of Altum Capital commented:“This acquisition fits our strategy to acquire well let buildings, located in growth areas of Greater London. We were able to capitalise on uncertainty in the market, to achieve compelling pricing of under £200 per sq ft”
Kingly Partners advised Altum Capital while Kennedy Wilson was unrepresented.