CB Richard Ellis Investors has successfully completed the acquisition of two UK properties as part of the ongoing development of the company's assets.
CB Richard Ellis Investors has successfully completed the acquisition of two UK properties as part of the ongoing development of the company's assets.
Kew Bridge Distribution Centre, Lionel Road, Brentford was purchased from Scottish Amicable Life Assurance Society for £7.5 mln, representing a net initial yield of 8% per annum.
The site, which is approximately 4.69 acres with a total property area of 78,910 sq ft comprises six industrial units, one let to Magnet and the remaining five to Mercedes-Benz. NB Real Estate acted for the seller and Colliers CRE acted for CB Richard Ellis Investors.
The second purchase was 92 Promenade, Cheltenham for £2.88 mln representing a net initial yield of 6.25% per annum.
The 8,336 sq ft unit presented an opportunity to acquire a large, well proportioned shop in a strong pitch and the asset is an addition to CB Richard Ellis Investors existing ownerships along the Promenade. The property is let to Laura Ashley with 8 years unexpired on the lease. The seller’s agent was DTZ acting for Bircham Properties Ltd and Harmer Ray Hoffbrand acted for CB Richard Ellis Investors.
