Montreaux acquires Ilford Retail Park

Montreaux has bought Ilford Retail Park in east London from LaSalle Investment Management.  The developer bought the 2.5-acre site for £17.7m, reflecting an initial yield of 2.4%. The site is located in Ilford town centre, 800 metres east of a planned Elizabeth Line Underground station.  The scheme is currently multi-let, with an average unexpired lease term of five years. Tenants include Lidl and Fitness First. The deal marks Montreaux’s second scheme in Ilford. It also owns nearby Orion House – an existing mixed-use retail and office building that is in planning for 24 luxury apartments. Matt Tack, executive director at Montreaux, said: “We transacted this purchase in just 10 days for which I give thanks to our committed team.”   Adrian Owen, development specialist and partner at Montagu Evans, which advised Montreaux, added: “This is a retail park with potential, offering Montreaux a range of opportunities in the short, medium and long term, with transport connections set to improve further when the new Elizabeth Line station opens.” LaSalle Investment Management instructed JLL. To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette