Clapham Junction

BACKGROUND

JLL was appointed by Delancey on a sole agency basis to offer for sale the predominantly freehold interest of Shopstop, Clapham Junction.

Clapham Junction Station is Europe’s busiest interchange, with 31 million passengers and a further 27 million interchanges annually. As the property was situated in the heart of the Crossrail 2 ‘safeguarded’ zone, an informed approach was critical to inform potential purchasers.

Strategy

JLL successfully undertook a global marketing campaign, lasting 6 weeks and covering 4 continents, fully utilising JLL’s International Capital Group and international network of capital markets teams. The team adopted a collaborative approach drawing on our retail, office and residential expertise, to demonstrate the full potential of the site.

During the marketing campaign, JLL undertook more than 60 direct presentations to target global investors, with subsequent information provided via data room access. The asset was presented using extensive marketing material and our in-house GIS technology.

Results

JLL’s effective approach resulted in a successful end result. Following a two-stage bid process, with 12 bids, equating to c. £1.3 billion worth of equity, the end price was in excess of 37% above quote. At 2.99% NIY, this was the keenest yield ever achieved for a UK covered shopping centre, within the context of a challenged market.