Farewell toast to freehold sale
by James Renoux-Wood Tue 10 June 2014, 5:03 pm
Asset management firm Croft Capital is selling the freehold of The Balfour Building, the former Hounslow home of drinks manufacturer Pernod Ricard.
The 8175sq m building will be marketed for sale as a development opportunity for a residential or office scheme on the 0.8-ha Lampton Road site.
Pernod Ricard is set to stay in the borough and is relocating to Chiswick Park, as Great West reported earlier this year. It has announced the move will take place in March 2015.
Stewart Braddock of Croft Capital, said: “The Balfour Building represents a very interesting opportunity as a residential conversion under Permitted Development Rights, with no requirement to provide any affordable housing and is therefore ideally suited to the Private Rented Scheme (PRS) model.
“The consistent message in the London-focused residential research is the largest demand and supply gap in is in the sub-£500 per square foot capital value bracket in close proximity to underground [and] overground public transport links, therefore by definition, this is where we foresee the greatest capital and rental growth opportunities over the next five years.
“We believe The Balfour Building hits this sweet spot.”