Premium Price Paid for Putney High Street Properties
Freeholds for neighbouring sites changed hands recently for £4,425,000 each
Picture: KLM Retail
Whilst residents bemoan the closing of shops on Putney High Street it appears that it is a thriving market for landlord investors. According to the Land Registry, the freehold title for 95B and 97 Putney High Street recently changed ownership for £4,425,000 for each. They were being advertised in the a sales brochure with offers in excess of £3,950,000 suggested.
The purchase was made by Ashira Holdings Ltd a UK based company that was incorporated last year.
The selling agent's particulars described the two sites as located in a prominent mixed-use parade in affluent London suburb with comprising of a 4 storey building with two ground floor lock up shops with two self contained 4 bedroom maisonettes on the upper 3 floors accessed from the rear.
The ground floor units are currently occupied by Mexican food chain Tortilla and Betfred the bookmaker. The purchase of the freehold does not necessarily mean that these businesses will be moving out.
The brochure describes Putney as 'a great investment opportunity' enticing investors with with three key developments nearby.
Picture: KLM Retail
These include the development at 56-70 Putney High Street, recently acquired by M&G Investments for £19.75million, reflecting a net yield of 3.36%. It has planning permission for a substantial mixed-use development, compromising 97 flats and 34,000 sq ft of commercial space and 5,000 sq ft of leisure space. They also refer to Levellers Court, Putney High Street /Putney Bridge Road which was bought by Savills Investment management in 2016 who want to replace the existing building with a residential-led mixed-use development. Just next to the two sites purchased is 89-93 Putney High Street which is to be developed into a 9,000 sq ft Metro Bank arranged on ground and basement floors with 15 flats above.
Earlier in the year £6,850,000 was paid for the former Carphone Warehouse premises at 70 West Hill.
July 6, 2018