Morley buys four shops for £25m
Liverpool Victoria Asset Management has sold a portfolio of four high street shops to Morley Fund Management, on behalf of Norwich Property Trust, for £24.7m, an initial yield of nearly 6%. LVAM was advised by Cushman & Wakefield Healey & Baker and King Sturge acted for Morley.
Asbury joins Savills board
FPDSavills has appointed Robert Asbury a director in out-of-town retail. Asbury, a former partner at CWHB, will continue to advise landlords and occupiers including Boots Properties on acquisitions, development and asset management.
Islington sells £38m portfolio
Derwent Valley Holdings has bought a 43-strong commercial portfolio from the London Borough of Islington for £37.8m. It comprises 350,000 sq ft, including warehouses, shops and offices, producing £1.75m pa. Gerald Eve and Richard Susskind & Co advised Derwent Valley. ATIS REAL Weatheralls represented Islington.
Brasserie lease sold for £300,000
Tim Kemp’s Firmdale Hotels has sold the lease on London’s Notting Hill Brasserie to restaurateur Carlo Spetale for £300,000. The rent on the 3,500 sq ft celebrity hangout on Kensington Park Road is £55,000 pa. Davis Coffer Lyons acted for Firmdale.
Cluttons leaves Berkeley Square
Cluttons this week confirmed its move to LandSec’s Portman House, Portman Street, W1 (EG, 18 January). It leaves Berkeley Square in June for the 19,000 sq ft fourth floor, at a rent of £55 per sq ft. DTZ and CBHP advised LandSec.
