Helical Bar has sold 1/5 Queens Walk in East Grinstead, West Sussex, to CBREi for £5.8m – a 6.6% net initial yield.
The majority of the property is let to Sainsbury’s with 15-years unexpired at a rent of £411,000 pa. The property has been split to provide six shops, which are sublet to retailers including Argos, Peacocks, Iceland and New Look.
There is also a further shop that is vacant.
Peter Ratcliff, investment director at Savills, which advised Helical Bar, said: “This sale was part of Helical’s strategy to rationalise its retail portfolio and we are pleased with the strong price achieved for this asset.”
GCW advised CBREi.
annabel.dixon@estatesgazette.com
