Turnstone Estates - Mixed-Use Development - Croydon, Brigstock Road, Ambassador House

Date: 14 May 2004

Turnstone Estates, advised by Ashworth Sibal Welch (ASW) and Stuart Edwards Fullermoon, has sold its office and retail investment Ambassador House, Brigstock Road, Thornton Heath, Croydon to Cardinal Lysander for £5.01 million, reflecting a net initial yield of 9.8%.

The 7,488 sq m (80,172 sq ft) property comprises 1,358 sq m (14,617 sq ft) of retail space over five units at ground floor level and 6,090 sq m (65,555 sq ft) of office space over nine floors together with a 65-space secure surface car park.

Tenants include London Borough of Croydon, Metropolitan Police, J D Wetherspoon and Abbey National, with an average rent of £72.50 per sq m (£6.74 per sq ft) for office space and £18- £23 zone A for the retail units.

The investment offers the opportunity for residential conversion.

Russell Tame, of Turnstone Estates comments: "We acquired the building half vacant a couple of years ago and having carried out a refurbishment have let most of the space as an economic alternative to central Croydon."

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