BROMLEY MALL SOLD FOR £20MILLION
Henry Boot Developments has sold The Mall in Bromley, a retail led mixed-use investment, to a consortium of international investors for £20million.
The Mall comprises a mixed-use scheme of 87,145 sq ft of retail space, 9,728 sq ft of office accommodation, a 241-space car park and a newly developed 59-bed Travelodge hotel. Anchor retail tenants include Sports Direct, Poundland, Argos and Iceland.
HBD owned The Mall for 16 years and have carried out a variety of value-added initiatives including redeveloping ground floor retail in a pre-let deal with Sports Direct. The addition of Grade A offices on the site and the recent redevelopment to provide a Travelodge hotel.
Adrian Schofield, Director of HBD London, said: “During the last 16 years, HBD has completed extensive works at The Mall including the addition of Grade A office space and more recently a specific redevelopment to provide a new pre-let Travelodge hotel. This has allowed us to successfully execute our exit strategy in a testing retail market”.
Josh Vernon at JLL said: “JLL were delighted to act on behalf of HBD for the successful sale of The Mall in Bromley. It demonstrates that despite the challenges facing the retail sector, investor appetite remains more robust for Greater London and South East whose assets are underpinned by strong residual values.”
Part of the Henry Boot Group of Companies, HBD is one of the UK’s most active property developers, with offices in London, Bristol, Birmingham, Manchester, Sheffield and Glasgow. The developer is currently working with a commercial pipeline in excess of £1bn.