Riverlight, Nine Elms Lane, Wandsworth

Sale of Secure Retail & Leisure Investment

On behalf of our retained clients St James, Bruce Gillingham Pollard have sold a prominent and secure retail and leisure investment in the central London core to the London Borough of Wandsworth (local authority).

Bruce Gillingham Pollard were tasked to effect a swift sale of the property. We produced marketing particulars and agreed terms for the sale within two weeks of receiving instructions.

The three commercial units, part of the residential-led mixed-use development situated close to Battersea power station on the south bank of the River Thames, were all subject to upward-only rent reviews indexed-linked to RPI. As the market continues to be dominated by annuity and fixed income buyers, we were able to achieve a desirable exit yield and we look forward to working with our clients on future transactions, as demand remains strong whilst the bond market remains at historic lows.

• Block B – Let to Sainsbury’s on a 15 year lease from August 2016.
• Block C – Let to JLL on a 15 year lease from March 2016.
• Block 5 – Let to Busy Bees for 25 years from August 2016.

Bruce Gillingham Pollard advised on the sale of and achieved a sale price of £5,800,000 reflecting a net initial yield of 4.22%

Project Details

The units comprise of modern purpose built, fully glazed units, which provide well configured accommodation arranged over ground floor and basement level, with a full height frontage onto Nine Elms Lane and the River Thames. The units are positioned below residential accommodation, which has been sold to a majority share of owner occupiers.

Riverlight occupies a prime riverfront location within Nine Elms. The Ballymore Embassy Gardens development is directly opposite and other nearby developments include; Battersea Power Station, New Covent Garden Market, One Nine Elms and St George’s Wharf.

St James Group is part of The Berkeley Group Holdings PLC, a FTSE 100 British property developer. They create vibrant new residential and mixed-use developments across the capital.
Please contact Woody Bruce and Jack Barratt