Norwich Union has paid MEPC £5.9m for four shops at 23/33 St Peter Street, Derby – part of the city’s Audley Centre – in a deal reflecting an initial yield of 5.6%.
The 1,235 sq m (13,300 sq ft) block is let to Burtons, Anne Harvey, Clinton Cards and Granada TV Rentals let at average rents of £83 zone A.
MEPC bought the Audley Centre for around £11m in June last year, and it also owns the nearby Eagle shopping centre. The units on Derby Street – considered prime pitch by local agents – do not provide scope for adding value.
Knight Frank advised MEPC while DTZ Debenham Thorpe acted for Norwich Union.
EGi News 19/02/97
