Matthew Neville

Leeds property operator acquires £7m mixed-use property in “revered” London suburb

Leeds based property investment, development, and car parking operator, Town Centre Securities PLC (TCS) has announced the acquisition of 58-62 Heath Street, Hampstead for £7m.

The 12,600 sq.ft mixed-use property, which is located in a prime retail pitch adjacent to Hampstead tube station, currently comprises four multi-level units let to Wagamama, Knight Frank, and Cass Arts, a London based arts and craft retailer. TCS is already in advanced discussions with a potential occupier for the final vacant unit.

A 34-space basement level car park, prime office space on the first to third floors, and eleven residential dwellings also form part of the scheme, originally designed by architect Ted Levy.

The strategic purchase forms part of TCS’s ongoing strategy to continue to diversify their portfolio and generate long term capital growth. CWM Investment acted on behalf of TCS.

Edward Ziff, chairman and chief executive of TCS, said: “This strategic acquisition in Hampstead further enhances our portfolio with a mixed-use property in one of the capital’s most revered suburbs.

“The asset management opportunities and valuable parking spaces makes this a solid investment for TCS and aligns with our core strategy of acquisitions where long-term value can be added.”

Ben Simpson, partner at CWM Investment, added: “We are delighted to purchase this off market, mixed use property investment next to Hampstead Underground station on behalf of TCS. The acquisition offers significant value-added potential to improve the tenant mix and drive rental growth in the short to medium term.”

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