CB Richard Ellis Investors has announced that it has completed the acquisition of 40 Clarence Street, Kingston for £3.55 million (approx. €3.63 mln.) The retail unit comprises 2,921 ft² (approx. 271 m²) and is positioned in the centre of Kingston.
The purchase represents a net initial yield of 6%. This was sold direct by PRUPIM and Green & Partners acted on behalf of CB Richard Ellis Investors.
Commenting on the announcement, Michael Ness of CB Richard Ellis Investors in London said: "This transaction is a further example of CB Richard Ellis Investors continued investment in prime retail sites within the UK. Located in the main shopping area of Kingston, we believe the unit complements our existing portfolio and will be managed in line with our long-term property management strategy."
Source: Citigate Dewe Rogerson