LaSalle Investment Management has announced the acquisition of two prime retail units on Exeter High Street for £5.8 mln (EUR 6.8 mln) on behalf of one of its pension fund clients.
LaSalle Investment Management has announced the acquisition of two prime retail units on Exeter High Street for £5.8 mln (EUR 6.8 mln) on behalf of one of its pension fund clients.
The combined 1,580 m2 property is situated in a prominent prime location close to the entrance of Princesshay Shopping Centre, Exeter's leading shopping centre. The two retail units (231/231A) are currently occupied by Burtons and Evans and are arranged over four floors. The property is let on a 15-year lease that expires in 2019 and is currently producing £395,000 per annum. The purchase price reflects a net initial yield of 6.4%.
LaSalle was advised by Tudor Toone and Green and Partners.
