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Tesco investment

We were instructed by a major City-based investment fund to dispose of this property in Tower Bridge Road, SE1.

The property had planning permission for conversion and extension to provide a commercial unit on the ground floor, with residential accomodation above. With development funding difficult to secure the consent was unlikely to generate a premium at the time we began marketing. With this in the forefront of our minds, we considered other options: Although our clients sought a sale, we agreed a let of the property to Tesco Stores Ltd for use as a convenience store, safe in the knowledge that Tesco's covenant strength would have a positive impact on the value of the property as an investment.

Once the lease was completed, we launched the investment to the market by way of a national marketing campaign. Despite secondary income from an advetising hoarding, a NIY of 5.1% was acheived, with the ultimate sale price far in excess of the vendor's price expectations.

Tower Bridge, SE1