Chichester : 12/18 West Street & 51/55 Tower Street
TH Real Estate, advised by Fawcett Mead, has sold the freehold investment of the House of Fraser store in Chichester to Savills IM for £13.4 million.
- Let to House of Fraser until 2039
- Passing Rent: £752,585 per annum
- Net Initial Yield: 5.25%
- Price: £13,400,000
12/18 West Street & 51/55 Tower Street is let to the retailer until 2039 and the deal reflects a net initial yield of 5.25%.
The 69,313 sq ft property is in a prominent position opposite Chichester Cathedral. It sits at the heart of the retail pitch within one of the UKs most sought after investment locations.
With a total current income of £752,585 pa, the property offered an attractive investment proposition in a city which has historically attracted strong retailer demand. In 2016 House of Fraser undertook a comprehensively refurbishment of its four trading floors, further improving the retail offer.
Jonathan Mills commented, "Following a competitive bidding process, we are delighted to have completed this sale at an attractive price for our clients, TH Real Estate."
Bexleyheath : Units 1-4, 131 Broadway
Fawcett Mead are pleased to have acted on the acquisition of this Greater London retail investment on behalf of clients, Henderson Global Investors.
- Greater London Retail Acquisition
- Passing Rent: £710,420 per annum
- Net Initial Yield: 5.00%
- Price: £13,315,000
The property is subject to three occupational tenancies. 70% of the current income is secured to Primark Stores Ltd until 2036. The property produces a total net income of £710,420 per annum.
The purchase price of £13,315,000 reflects a net initial yield of 5.00%.
Jonathan Mills commented, "We were delighted to secure this off market transaction for our clients. Primark offers some of the most highly desirable income for investors and the property has been extended and reconfigured to suit Primarks specific trading requirements."