Savills - Mixed-Use Sale - Richmond, London

Date: 01 Oct 2008

Exemplar Properties and EPF (a fund advised by JPMorgan) advised by Savills, have bought the freehold interest of Richmond Riverside in Richmond, London, from GE Real Estate for £43.5 million, reflecting a net initial yield of 7.45%.

The mixed-use investment, which totals 150,000 sq ft (13,900 sq m) is made up of offices, residential (sold off), retail and leisure. The estate, which was built in 1987 and designed in a period style, fronts onto the river next to Richmond Bridge and comprises nine buildings mainly arranged around a central courtyard, with eight retail units, three bar/restaurants and six office buildings.

Tenants include eBay, which has its UK headquarters at Richmond Riverside and accounts for 45% of the rental income, as well as retailer Whistles and pub/restaurant Pitcher & Piano. The annual rental income is £3.45 million. The long leasehold investment is held for a further 130 years from the London Borough of Richmond.

Robert Godfrey, director of Savills, comments: "We are delighted to have been involved in the purchase of this well known riverside estate which provides one of the best working environments in Greater London"

GE Real Estate was advised by NB Real Estate.

Richmond Riverside in Richmond, London