CBRE Global Investors, the global real estate investment firm, announces the completion of two acquisitions in southern England for a total of £19.7 million (approx. 23.7 mln).
The first acquisition is a 17,200 ft² (approx. 1,597 m²) former Carpetright site on Effra Road, Brixton, which is leased to Sainsbury's for 25 years. The property was acquired for £8.2 million (approx. 9.8 mln).
The second acquisition, 38-42 East Street, Brighton, has been bought for £11.5 million from West Register Properties, part of Royal Bank of Scotland. The property totals 19,200 ft² (approx. 1,783 m²) over basement, ground and four upper floors. There are four retail units, let to LK Bennett, Comptoir des Cotonniers, Lush and Monsoon with offices and four residential flats on the upper floors.
Richard Dean, Fund Manager at CBRE Global Investors, said: "Both of these assets are core properties in excellent locations. The Brixton asset provides a secure, inflation-linked income stream in an improving London location. The Brighton purchase has medium term asset management opportunities and strong prospects for growth from the retail."
Joss Brushfield, Director at West Register Properties commented on East Street, Brighton: "This is an example of West Register stabilizing and optimizing the value of an asset before selling it on to a quality institutional investor, in order to maximize the recovery for the Bank.
We continue to actively manage our other assets in Brighton including a new tenant line up on North Street."
Harvey Spack Field and Kitchen Le Frenais Morgan acted for CBRE Global Investors. The vendors were not represented.
Source: Citigate Dewe Rogerson