Picton has sold Charlotte Terrace, an office and retail building in west London with potential for change of use, to Bentry Capital for £13.08m.

The grade II-listed freehold property comprises a terrace of four buildings situated directly opposite the £1.3bn Olympia London redevelopment. The asset sits on a 0.32-acre site and spans 41,958 sq ft of GIA commercial accommodation plus gated off-street parking.

The sale, first revealed in December, comes after Picton last year secured planning permission to convert the vacant upper floors of one of the buildings, Roberts House, into six private residential apartments.

There is also the potential for Bentry to convert the upper floors of the remaining three buildings into residential or other living uses, subject to planning permission.

Tim Hamlin, director of asset management at Picton, said: “This transaction aligns with our strategy to convert appropriate office assets for alternative use, increases our portfolio occupancy and improves our net income position.

“This is our third office disposal demonstrating the alternative use value underpin.”
Tom Moore, senior director at CBRE, which advised Picton on the sale, added: “The successful sale of Charlotte Terrace demonstrates the strong market demand for prime, well-located assets with conversion potential.

“In a higher build-cost environment, we expect to see an increasing number of purchasers focus on lower-risk refurbishment opportunities moving forwards. It was a pleasure to work with the vendor, Picton, and their lawyers for this transaction, DLA Piper.”

Source: Acquisition of mixed-use property in Cheltenham | Picton