Picton completes Croydon office sale for £18.2m – Picton Property Income (PCTN) has completed the disposal of an office building in Croydon for £18.2m.
Citylink, located on Addiscombe Road in Croydon, is a 48,000 sq ft detached office building constructed in 1986 and let to RBS and Fairfield School of Business. The building was sold with 10% vacancy and the potential for vacant possession in 2022.
PCTN say that the sale price reflects a net initial yield of 4.8% and a 7% uplift to the independent June 2019 valuation. The property was acquired in 2005 for £9.1m.
Michael Morris, chief executive of PCTN, said: “The asset has performed well since acquisition in 2005 and the disposal follows the completion of a number of asset management initiatives. The proceeds from the sale will be reinvested into earnings accretive capital expenditure initiatives across the portfolio.”
PCTN: Picton completes Croydon office sale for £18.2m