Areli puts Orpington leisure complex on the market for £13m
Areli Real Estate is looking to sell Crown House, Orpington, a 71,149 sq ft retail and leisure scheme for offers over £13m.
Crown House is part of the wider Walnuts Shopping Centre, which the investor acquired from Patrizia in 2019, advised by Knight Frank for £30m at a 8% NIV.
The freehold mixed-use investment, developed in 2015, comprises a seven-screen Odeon cinema and PureGym. Other tenants include restaurants Nando’s, Taco Bell and Tamak, and retailers B&M, Kutchenhaus and Cards Direct.
Areli Real Estate is looking to sell Crown House, Orpington, a 71,149 sq ft retail and leisure scheme for offers over £13m.
Crown House is part of the wider Walnuts Shopping Centre, which the investor acquired from Patrizia in 2019, advised by Knight Frank for £30m at a 8% NIV.
The freehold mixed-use investment, developed in 2015, comprises a seven-screen Odeon cinema and PureGym. Other tenants include restaurants Nando’s, Taco Bell and Tamak, and retailers B&M, Kutchenhaus and Cards Direct.
Crown House has a gross income of £1,048,346 per annum and a net income of £1,025,570 per annum after the deduction of landlord’s shortfalls.
It has a WAULT of 11.8 years to break and 12.9 years to expiry. 58% of the total income is subject to fixed or RPI-linked rental uplifts.
The scheme reflects a 7.39% NIY assuming standard purchaser’s costs and a capital value of £183 per sq ft, exclusive of VAT and subject to contract.
Areli is holding the rest of the Walnuts Shopping Centre. It had intended to turn the complex into 990 homes but plans were withdrawn last year due to “issues raised by the local community”.
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