Peachey Property Corporation have bought a freehold 13-property reversionary portfolio from Legal & General Assurance (Pensions Management) for £16.025m.
The portfolio is 75% retail and 25% offices. The shops include two units at 326-334 Chiswick High Road, west London, let to Boots and Cato William & Sons; 56-70 Putney High Street, London SW15, a parade with a Presto supermarket, units let to Superdrug, Barclays Bank and William Hill and offices over; a unit in Wheeler Gate, Nottingham; and The Parade, High Street, Hounslow, west London.
The two office buildings are in Hanover Street, London W1, let to Varig Airlines, and in Dean Street, W1.
The income from the purchases is £1,183,924 pa, with reversions within five years.
Peachey’s chairman, John Brown, said: “The package was attractive to us as the reversions come in at convenient times to fill gaps in our portfolio.”
Clive Ross of L&G’s agents Edward Erdman, commenting on his clients’ disposal, said: “This is part of a continuing rationalisation programme. It is something a prudent holder of funds will do.”
This purchase follows Peachey’s buying of 18 properties from Lloyds Bank Property Co for £28.2m last year.
In the latest deal, Peachey were advised by Healey & Baker.
