The property was originally acquired in 2016 as one of three key retail assets situated in the heart of Croydon on North End, a popular pedestrian street in the town.
Upon acquisition, the asset management approach aimed to maximize rental growth, renegotiate the lease terms, and enhance the value of the residential upper floors.
The property was held by Avignon for several years and has successfully concluded its business plan.
In 2023, through our strategic asset management efforts, we successfully negotiated a long-term lease with the current tenant, Costa Coffee and obtained planning approval to convert the upper residential spaces into two apartments. we successfully sold the property on behalf of our client in December.
Gateley Legal Plc and Clifton Agency acted for Avignon Capital during this transaction.