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Walnuts' Crown House on the market for £13m


Areli Real Estate is looking to sell Crown House, Orpington - a 71,149 sq ft retail and leisure scheme. Independent Real Estate Agency Knight Frank has been instructed to seek offers over £13m.

Crown House, is part of the wider Walnuts Shopping Centre, which the investor acquired from Patrizia in 2019. The freehold mixed-use investment, developed in 2015, comprises the seven-screen ODEON cinema, PureGym, Nando’s, Taco Bell, and retailers B&M, Kutchenhaus, and Cards Direct.

Crown House has a gross income of £1,048,346 per annum and a net income of £1,025,570 per annum after the deduction of landlord’s shortfalls. It has a WAULT of 11.8 years to break and 12.9 years to expiry. 58% of the total income is subject to fixed or RPI-linked rental uplifts.

The scheme reflects a 7.39% Net Initial Yield, after the deduction of standard purchasers' costs of 6.72%, and a capital value of £183 per sq ft.

Areli is holding the rest of the Walnuts Shopping Centre.

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