Pramerica Real Estate Investors has acquired an eight-unit retail property on London’s Fulham Road in Chelsea for a reported sum of £45m.
The eight-unit, 2,385m2 property comprises the basement, ground and first floors of a residential property and provides prominent frontage along Fulham Road. The retail block is located in the London Borough of Kensington and Chelsea, with good transport links, and is adjacent to the high-end retail shopping center at Brompton Cross.
The fully let property includes such tenants as Ralph Lauren, Poltrona Frau’s first flagship London store and OKA. Terms were not disclosed.
Andrew Macland, managing director and head of UK at Pramerica said, “Current and future rental values will be supported by the asset’s location, with its mix of boutique and premium high street shops, interior design brands and vibrant restaurants. We anticipate that the strong retail growth we have seen in Central London will continue and that, combined with the potential active asset management strategies this property offers over the long-term, makes this an attractive investment for our client.”
