LaSalle Investment Management has bought the freehold interest in 32-38 North Street and 40-44 Ship Street, Brighton, from Aviva Investors for £11.6m – a 5.6% yield.
The 40,700 sq ft property, which was acquired on behalf of a specialist investment fund managed by LaSalle Kapitalanlagegesellschaft mbH, is let to tenants including TK Maxx, Multiyork and JD Sports Fashion trading as SIZE?.
Sophie Simmonds of LaSalle Investment Management said: “The acquisition reflects the style of high-quality assets we are continuing to purchase for the LaSalle KAG. The asset provides us with a good length of income, quality covenants and potential for growth.”
Philip Nell of Aviva added: “Having recently completed the refurbishment works on the property and secured the letting to TK Maxx, it was a good point to realise our profits in the asset.
‘We are very pleased with the price achieved in a highly competitive bidding process and were able to take full advantage of the lack of supply and strong demand over the summer months.”
Savills acted on behalf of LIM; Lewis Ellis acted on behalf of the Aviva investors.
annabel.dixon@estatesgazette.com
