W Real Estate acquires ‘Arding and Hobbs’ department store building in Clapham Junction
W Real Estate, a London-based developer and asset manager, has acquired the freehold of the Grade II listed ‘Arding and Hobbs’ building in Clapham Junction from British Land for circa GBP48 million.
Currently let to Debenhams Retail Plc for in excess of 16 years, the famous department store provides 140,000 sq ft of prime south west London accommodation at the junction of Lavender Hill and St John's Road, Battersea, London SW11.
Sascha Lewin, managing director of W Real Estate, says: “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, adds: “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.