Imperial Arcade comprises a prime art deco retail and residential holding opposite Churchill Square with medium term redevelopment potential. The LPA receiver required initial asset management advice with a view to maximising the rental income without jeopardising the property's development prospects.
Cradick Retail advised on outstanding lease renewals, negotiated possession of the residential element and provided valuation and marketing advice. Following a comprehensive marketing campaign, the investment was ultimately sold for £4.15m to AEW.
Tunbridge Wells - COOK
Having identified an opportunity to acquire a freehold building offering vacant space on ground and upper floors, we acted on behalf of Berwick Hill Properties Limited in the successful acquisition of the property. Simultaneously, a letting of the ground floor shop was secured to COOK (www.cookfood.net) for what has become their flagship store.
The upper floors already had the benefit, by way of permitted develoment, of a valid planning consent for conversion to seven flats which our client implemented and successfully sold all upon completion. The created investment of the ground floor was then sold at a very competitive yield reflecting the strong retail pitch, the quality of the tenant and the attractiveness of Tunbridge Wells for investors. Cradick Retail advised on all aspects throughout.