London-based developer and asset manager W Real Estate has acquired the Grade II-listed Arding and Hobbs building at London's Clapham Junction from British Land for £48 mln (€53 mln).
Currently let to Debenhams Retail for in excess of 16 years, the department store provides 140,000 sq ft (13,000 m2) of prime south west London accommodation.
Sascha Lewin, managing director of W Real Estate, commented: 'This acquisition underpins our philosophy of acquiring exceptional real estate in core London locations. The building sits at the epicentre of Clapham Junction’s retail hub. With its proximity to Europe’s busiest train station and the potential future investment benefiting Crossrail 2, we view Clapham Junction as an exciting area for growth and development.'
Richard Lunn, director at CBRE, added: 'Following a targeted marketing campaign, this strategic disposal is evident of the sheer weight of capital targeting core London locations. The wide mix of investor interest demonstrates that demand for retail and potential redevelopment assets remains incredibly strong.'
CBRE acted for the vendor, British Land. Cushman & Wakefield advised W Real Estate – formerly known as Westminster Real Estate.