The portfolio, which totals 37,351 sq. ft, comprises a freehold estate of five residential, retail and office holdings around Church Street and High Street, offering significant asset management and development opportunities. The five holdings are Church Street Parade (including Bedford & Avon Court), Quadrant Courtyard, Bridge Road Apartments, Barnet House and Priory Chambers.
The estate was acquired by Brunswick Real Estate UK a year ago, as part of a larger portfolio of 13 prime London and southeast holdings. The portfolio, which had been held in the same ownership since the 1930s, included three significant estates: Quadrant Business Centre and Lonsdale Road, a designated design hub, in Queens Park, north London, and the Weybridge Estate.
Brunswick Real Estate UK, which was established two years ago by Nordic real estate company, Brunswick Real Estate, and leading real estate investment professionals, David Turner and Will Amies, has already grown its assets under management to almost £200 million.
David Turner, Founding Partner of Brunswick Real Estate UK, said: “We are delighted to have completed the sale of the Weybridge Estate to Elmbridge Borough Council, which is the natural long-term owner of this vibrant cluster of residential, retail and office buildings in one of the UK’s most affluent towns. This transaction forms part of the first tranche of sales out of the Aurora portfolio, which Brunswick Real Estate UK acquired 12 months ago. We are actively seeking new opportunities, in particular within Greater London, where we see significant value at the current time compared with many other European markets”.
Cllr Ruth Mitchell, Cabinet member responsible for property acquisitions, said: “The acquisition of Weybridge Estate enables the Council to provide much needed affordable housing for our residents and provides long-term asset management opportunities along with the potential for redevelopment. The Council’s continued focus on economic development and supporting a vital and vibrant local economy includes measures to maintain and increase confidence through direct property acquisitions.
“This purchase enhances the current property portfolio owned by the Council and ensures that local retail and business sector are supported. In addition, it makes available 37 residential units which will be transferred to EBC Homes Ltd, a company owned by Elmbridge Borough Council”.
Brunswick Real Estate UK was advised by CBRE on the sale.