Addington Capital and its joint venture partners have sold 1-27 Station Parade Elm Park in Hornchurch, east London, to Property Development Solutions Europe for £12m.
The Elm Park mixed-use scheme comprises 20 retail units, anchored by a 7,000 sq ft Co-op store and 31 residential units. The scheme was purchased in 2014, with rents increasing 73.5% between purchase and disposal.
David Dalrymple, partner at Addington Capital, said: “Our business plan for Elm Park has been successful. The scheme is fully let, and we reached the right stage in our cycle to sell. We believe there is good future redevelopment potential for the scheme to the rear and the potential to add an additional storey of residential to the existing structure.”
Allsop acted as agents for the vendors.
