M7 Real Estate (“M7”) the pan-European investor and asset manager, announces that it has completed the sale of Mill Road Car Park (“Mill Road”) in Ilford, comprising circa 0.74 acres, for in excess of £7m on behalf of the M7 REIP V fund.
M7 acquired the car park, which originally provided additional car parking for Becketts House in Ilford, as part of a wider portfolio in 2016. Becketts House, comprising circa 53,000 sq ft of office accommodation, was sold separately by M7 in September 2019, having been repositioned a for residential use for in excess of 100 private dwellings.
Following a marketing campaign in conjunction with Savills in the autumn of 2019, in which close to ten bids were received, a sale was agreed for Mill Road and successfully completed within two weeks of final agreement in December 2019. The sale was completed without planning consent currently in place.
Martin Betts, Investment Manager at M7, commented: “Following on from the successful sale of Becketts House in September 2019, the sale of Mill Road Car Park further demonstrates that there is continued investor appetite for well-located residential sites close to the City of London, even without full planning consent in place. This sale completes the execution of our business plan for both Becketts House and Mill Road, which has enabled us to extract significant returns for our investors. The proceeds will be re-invested into our acquisition pipeline and asset management initiatives as we continue to drive attractive sustainable income returns.”