PRUPIM has put close to £80m of high street shops up for sale.
Among the properties are four buildings let to Sir Philip Green’s department store chain Bhs.
The shops – in Southend-on-Sea, Essex; Wood Green, N22; Bromley, Kent; and Plymouth, Devon – range between 64,000 sq ft and 102,000 sq ft. Asking prices for the stores, which are being sold individually, total £49m. Yields for the Bhs stores range between 6.5% and 7.5%.
The fund manager is also selling 10 other high street assets let to a variety of retailers, including Poundland, Arcadia Group, Early Learning Centre, Mountain Warehouse and pub operator Mitchells & Butlers.
The properties are in town and city centres across the UK, including Staines, Middlesex; Southampton, Hampshire; Canterbury, Kent; Nottingham city centre; Eastbourne, East Sussex; Exeter, Devon; and Leamington Spa, Warwickshire. Lot sizes range from £1.6m, an 8% yield, to £8.4m, a 7.75% yield.
The sales are part of a churn of PRUPIM’s assets. Last week it sold its Bridgend retail park in Wales for £19m and bought a £44m stake in the Henderson Brewery retail park in Essex.
CB Richard Ellis is advising on the high street sales.
