RLAM crowns retail park buy
Royal London Asset Management has bought Crownhill retail park in Plymouth, Devon, from Mountgrange and Patron Capital joint venture PM Mercury Holdings for £21.5m – a 6.8% yield. The 140,000 sq ft park is let to B&Q, M&S Simply Food, KFC and Pizza Hut. CWM advised RLAM; Montagu Evans acted for the vendor.
Dominvs puts faith in Creed
Dominvs has bought Creed Court, EC4, from Aviva Investors for £15.2m. The Creed Court estate is made up of four buildings on Ludgate Hill, comprising 36,000 sq ft of offices and shops, which will be vacant by Christmas. Dominvs was represented by GS Capital Advisors; Savills acted for Aviva.
Council buys Surrey shops
Elmbridge borough council has bought 26-38a High Street in Cobham, Surrey, from investment fund Cubemaker for £6.5m – a 6% yield. Tenants at the parade of shops include Costa Coffee and Crew Clothing. Strutt & Parker acted for the council; Jackson Criss advised the vendor.
L&G lands airport sheds
Legal & General Property has bought 1-19 Admiral Park, Airport Industrial Estate in Portsmouth, Hampshire, from CBRE Global Investors for £5.4m – a yield of 8.85%. The 93,000 sq ft industrial estate produces rent of £514,000 pa. Knight Frank represented CBRE GI; Jones Lang LaSalle acted for L&G.
Irish Life sells West End block
Irish Life Assurance has sold 117 Piccadilly, W1, to a private Middle Eastern client of Savills for £18m – a 3.44% yield. The main tenant at the seven-storey 13,500 sq ft office block is St James’s Place Wealth Management, which has a lease until August 2019, generating £655,000 pa.
