The Church Commissioners have raised £18.9m with a clutch of deals across the country. The bulk is accounted for by one lot: prime Mayfair offices at 19 Berkeley Street, W1.
An unidentified non-EC buyer has paid more than £12m for the freehold of the recently refurbished 20,500-sq ft block — representing a net initial yield of almost 7.5%. Tenants include Daiichi Chuo Shipping, Siemens Financial, Lexmar Shipping and Bell South.
Four retail site disposals make up the remaining £6.9m. In Chester, Electricity Supply Nominees has paid £2.1m for the freehold of a 15,000-sq ft shop at 9-13 Northgate Street, currently producing £135,000 pa.
The Clothworkers Co has acquired the adjoining 5,800-sq ft freehold building at 15-17 Northgate Street for £1.45m. The rent roll stands at £87,500 pa.
In Chichester, Clerical Medical & General has paid £1.5m for the 4,220-sq ft property at 9 North Street, where rental income is £88,500 pa.
The NAAFI Pension Fund has bought the freehold of the 5,570-sq ft unit at 30 London Road, Norwich — let at £121,000 pa — for £1.87m.
Cluttons acted for the Commissioners, while Knight Frank & Rutley advised the purchaser of 19 Berkeley Street. Bidwells represented ESN in Chester and NAAFI in Norwich, while Drivers Jonas acted for the Clothworkers. Chesterton advised Clerical Medical & General.
