Coal Pension Properties, represented by LaSalle Investment Management, has sold two retail investments in Exeter and Liverpool to private property companies for a total of £8.43m.
UK Estates has bought 39/40 High street in Exeter for £3.03m reflecting a net initial yield of 6.2%. The store is let to Clinton Cards at a passing rent of £198,500 pa.
UK Estates has been building a portfolio of high street retail properties throughout the UK and most recently bought the freehold of 1-7 Blackett Street and 2-8 Pilgrim Street, Newcastle from the Grainger Trust for £4.3m.
J Leon & Company meanwhile bought two adjoining shops at 25 Church Street and 8 Williamson Street in Liverpool for £5.4m, reflecting a net initial yield of 6.3%. The shops are let to C&J Clarke International and Bon Marche at a combined rent of £361,100 pa.
Healey & Baker acted for CPP. Hammond Phillips represented J Leon & Co. UK Estates acted on its own behalf.
EGi News 13/03/02
