Savills - Mixed-Use Sale - Hammersmith, London

Date: 14 May 2008

PRUPIM, advised by Savills, has sold its leasehold interest in Broadway Chambers on Hammersmith Broadway, London, as part of a merged interest sale with the freeholders, The London Borough of Hammersmith and Fulham, to Sapcote Developments for £12.5 million. This reflected a net initial yield of 6.09%.

The mixed-use office and retail building totals 42,483 sq ft (3,947 sq m), with 29,302 sq ft (2,772 sq m) of offices and 10,097 sq ft (938 sq m) of retail, comprising six units on both Hammersmith Broadway and Broadway Arcade. Towards the rear of the property, there is also a detached former warehouse unit, currently used as a car park for 13 vehicles.

Retail tenants in the ground floor units include Ladbrokes, recruitment agency Kelly Services and Be at One café/bar. The offices are multi-let to nine tenants with occupiers including internet search engine company Fish4 and recruitment agency Reed Services. The current rental income is circa £803,000 per annum.

Paul Cockburn, director of Savills, comments: "This is an excellent result for our client which holds only a 15 year leasehold interest, yet has benefitted from 50% of the sale proceeds."

The London Borough of Hammersmith and Fulham was advised by Atisreal.

Broadway Chambers, Hammersmith Broadway, London