Morley Fund Management has sold a 230,000 sq ft store in Essex at a net initial yield of under 5.5%.
Private Irish investors’ insatiable appetite for well-let retail property this week led Morley to cash in on the Debenhams store in Market Place, Romford, for £20m.
The Irish buyers, clients of Strutt & Parker, bought the freehold at a net initial yield of 5.46%. It is let to Debenhams for a further 92 years.
CB Hillier Parker advised Morley Fund Management.
