Custodian Property Income REIT has sold a vacant car showroom in Redhill for £2.35m to an unnamed buyer. The sale price represents a 15% premium to the asset’s 31 December 2023 valuation.
Richard Shepherd-Cross, managing director of Custodian Capital – the company’s external fund manager – said: “Having initially considered refurbishing and reletting the asset, strong demand for the site from residential developers became apparent during the marketing period and disposing ahead of valuation to fund improvements to the remaining portfolio was deemed more accretive to shareholders.”
