Addington Capital, the property investment and asset management specialist and its joint venture partners have sold 1-27 Station Parade Elm Park, Hornchurch, East London to Property Development Solutions Europe for £12 million.
Elm Park is a mixed-use scheme comprising 20 retail units, anchored by a 7,000 sq ft Co-op store, and 31 residential units. The property has been actively asset managed by Addington Capital since the property was purchased in 2014.
The scheme was initially acquired in 2014 as part of the mixed-use Tree Portfolio, subsequently becoming part of the Bonsai portfolio in 2018
Through a reconfiguration of the site and rolling refurbishments on the residential units, the rents have increased 73.5% between purchase and disposal.
David Dalrymple, Partner at Addington Capital said, “Our business plan for Elm Park has been successful. The scheme is fully let, and we reached the right stage in our cycle to sell.
“We believe there is good future redevelopment potential for the scheme to the rear and the potential to add an additional storey of residential to the existing structure.”
Agents for the vendors were Allsop LLP.