Global real estate investment manager Kennedy Wilson has sold an office, hotel and retail complex in Croydon to a private family office from India which is targeting a speedily realised £100 million London and South East investment drive, CoStar News can reveal.
Norfolk House is located 350 metres from East Croydon Station and comprises 160,672 square feet including a 149-bed, 60,000-square-foot Travelodge hotel, 40,228 square feet of offices and 60,444 square feet of retail.
The property is multilet to tenants including McDonald's, Clydesdale Bank, Moss Bros and Greggs. There is a weighted average unexpired lease term of 5.9 years to expiry and 4.6 years to breaks.
The price paid for the 1.84-acre site has not been disclosed.
The buyer is understood to be reviewing the redevelopment potential with Kennedy Wilson having submitted a pre-application for shops at 24-28 and 67 George Street to be extended to 29 storeys comprising over 300 homes.
Rahul Dixit from Asset Bricks acted for the buyer and CBRE acted for Kennedy Wilson.
Asset Bricks is a design-led boutique development company with expertise in residential, mixed-use and commercial properties across the UK. Asset India advises ultra-high-net worth investors from India.
Dixit, director at Asset Bricks, said last year its private client intended to deploy over £100 million over the next 12 months in Greater London and the M25.