Author: Cyril Richert
The 70,000 sq ft retail parade constructed in 1987, Shop Stop scheme at the entrance to Clapham Junction station on St John’s Hill, SW11 is being sold.
The shopping parade was previously owned by the Metro Shopping Fund, the joint-venture with Landsec and Delancey, but is now 100% owned by DV4, clients of Delancey, having bought in the other 50% in April 2017. The price is said to be around £100m – a circa 4% yield
Current retailers include a 5,000 sq ft Sainsbury’s Central, M&S Simply Food, Paperchase, Café Nero, Hotel Chocolat, Mac Cosmetics and Monsoon, as well as a 14,000 sq ft gym let to Fitness First. The property also contains office space on the first and second floors, with additional basement parking.
It represents a significant redevelopment opportunity. According to costar.co.uk, market sources this week said interested parties include vacuum cleaner pioneer James Dyson’s property business, DTZ Investors, Legal & General, Redevco, LaSalle Investment Management and Meyer Bergman.
However, there might be some CrossRail2 conditions attached and with Network Rail latest move to reclaim direct management of the station, they might be a potential buyer as part of their major plan to redevelop Clapham Junction station.