Aviva Investors have sold the Purley Way Centre in Croydon. The scheme is located on Purley Way, one of the UK’s premier retail warehouse locations, opposite a Sainsbury’s superstore. The property comprises 60,000 sq ft of open A1 non-food consented space, occupied by TK Maxx, Mamas & Papas, Hobbycraft and Argos. Rents on the scheme range from £30.50 per sq ft to £40.00 per sq ft. TK Maxx and Argos have lease expiries in 2019, with the Hobbycraft and Mamas & Papas leases ending in 2025.
Standard Life purchased the property for a price of £31.7 million, reflecting 5.90% NIY.
Wilkinson Williams represented Aviva Investors, BNP Paribas acted on behalf of Standard Life.
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