Coming out of pandemic restrictions, a client was seeking to diversify their portfolio and we were given the remit of sourcing retail units with residential above. Our advice was to tread cautiously regarding high street retail, but this was interesting in so far as the retailers are ingrained with the local community rather than national retailers that one sees in every high street.
A client had held this industrial unit for eight years. At the time of acquisition it had been re-purposed to a call centre, but the tenant had not been in occupation for some time and were not going to renew their lease in 2 years’ time.
LRI had been managing this office building in Bermondsey for 5 years when tasked with carrying out a strategic review of the client’s portfolio. Given the amount of pd residential development that had been carried out in the area we advised that it would be a good time to ‘test the market’ as opportunities became scarcer.
The client was interested in residential development opportunities. Based in Clapham (South West London) they were particularly interested in local opportunities as they are hands on in their development projects.
Sourcing a property for a client with a focus on industrial assets at a time when the sector was soaring in popularity and yields were compressing accordingly. The challenge was therefore, to source a suitable property that would still offer a decent return.