Criterion Capital swoops on Camberwell court site
Criterion Capital has acquired Camberwell Green Magistrates’ Court, SE5, for £13.5m from Her Majesty’s Courts and Tribunals Service.
It is the first acquisition by the owner of London’s Trocadero in around four years as the company has focused on growing its build-to-rent portfolio.
Criterion Capital, which was founded by billionaire Asif Aziz, said it would be starting discussions immediately with Southwark Council and the mayor of London on plans to create an affordable rental product on the 0.66 acre site.
Criterion Capital has acquired Camberwell Green Magistrates’ Court, SE5, for £13.5m from Her Majesty’s Courts and Tribunals Service.
It is the first acquisition by the owner of London’s Trocadero in around four years as the company has focused on growing its build-to-rent portfolio.
Criterion Capital, which was founded by billionaire Asif Aziz, said it would be starting discussions immediately with Southwark Council and the mayor of London on plans to create an affordable rental product on the 0.66 acre site.
Affordable living
It is looking to create around 400 one-bedroom homes, spanning around 398 sq ft each, that would be rented at rates close to the mayor’s London living rent rates.
“Criterion Capital have an aggressive expansion plan and a genuine enthusiasm to provide affordable living to professionals in need. Camberwell Magistrates’ Court provides an excellent opportunity to demonstrate our long-term investment plan as investor, developer and operator,” said Will Banbury, acquisitions director for Criterion Capital.
“In periods of market stagnation and a decline in investment sentiment, those that can perform quickly and through direct investment should be considered significantly advantageous in the market place.”
To date Criterion Capital’s 1,367 unit rental portfolio held in its Miflats business has been grown through permitted development rights and conversions. However, the business has said its future pipeline will focus on purpose-built developments across London and the Home Counties, in areas that demonstrate a need for an affordable rental product at scale.
BTR pipeline
It currently has potential for a build-to-rent pipeline of around 3,200 units, including 296 in Croydon, 312 units in Colliers Wood, 308 units in East India Docks, 331 units in Chafford Hundred, Thurrock, and 1,550 units at Dalston Shopping Centre, E8.
Her Majesty’s Courts and Tribunals Service (HMCTS) is embarking upon the second phase of disposals as part of a £1.5bn programme and is aiming to make more than £100m from sales over the course of the current financial year. The portfolio of assets for sale includes Blackfriars Crown Court, also located in the London borough of Southwark.
Read more about HMCTS’ disposal programme.
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