May 22, 2018
Altum Capital has acquired a retail block in Bromley for £13.6 million. The purchase is one of several recent acquisitions under its Greater London Investment Platform (GLIP).
The retail block located on the High Street, between Bromley South station and the Glades shopping centre, comprises 47, 958 sq ft. is let to TK Maxx on a 15 year lease from 2017 and is one of TK Maxx’s best trading stores in the UK.
Scott Nicol, Co-founder and Managing Partner at Altum Capital commented:
“Under our GLIP strategy, our aim is to acquire low capital value buildings across Greater London, with medium term income and long term re-development or re-positioning opportunities. We are actively looking to acquire similar properties and to add to the platform.”
“Bromley provides us with a prominent corner site in an affluent pocket of Greater London. Whilst having secure income from a strong covenant, the building is zoned in the Bromley Area Action Plan as a potential tall building, therefore as well completing other assets under the same platform, we believe that it could offer alternative re-development use at some point in the future.
GL Hearn acted for Altum Capital, Michael Elliott acted for the vendor.