Consulco Capital Real Estate Limited (CCRE) has now completed the acquisition of the final two investments for its London retail property syndicate, Hermes Properties Limited. Hermes has established a suite of 10 retail and restaurant business property investments, situated in buoyant central London locations.
Earlier in November, Hermes acquired a £27 million freehold portfolio in London Bridge, Central London, as part of its initiative to sell off trophy assets and further their interest in developments requiring active management. Hermes cited London’s resilience in the face of weaker global and domestic markets for its continued investment in the capital.In its latest move, Hermes has now acquired 442 Kings Road, in London’s West End, for £1.1 million, which comprises a retail/restaurant unit currently let to French vintners Nicolas.
It has also acquired a Tesco Metro store in Lewisham, south east London, which is let for 15 years, uninterrupted, for £900,000. The combined net initial yield of these properties stands at 6.0%. London Director, David King, said “These acquisitions mark the end of the investment period and in 12 months, with almost £20 million purchased, we have hit all our targets. We will launch our second syndicate early next year.”
Consulco opened a London office in January 2011, and existing deals for Hermes Properties Ltd have included properties in Poland Street (£2.4 million), Cannon Street (£2.31 million), Wardour Street, Great Queen Street, Greek Street and The Strand (£7.9 million together). These commercial properties in London are also expected to land a net yield of 6%.
Tags: business property, business property portfolio, commercial, estates, financial matter, investments, money, Property, property investments, real estate
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