LaSalle Investment Management ("LaSalle") today announced the acquisition of two prime retail units on Exeter High Street for £5.8 million on behalf of one of its pension fund clients.
The combined approx. 1,579-m property is situated in a prominent prime location close to the entrance of Princesshay Shopping Centre, Exeter's leading shopping center. 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.
Source: Citigate Dewe Rogerson