Hotbed closes £5m NHS deal
UK private investor syndicator Hotbed has sold a new NHS outreach facility in Irthlingborough, Northamptonshire, to Rio Estates for £5m – a 5% yield. The 18,000 sq ft building is let to the Kettering NHS Foundation Trust on a 20-year lease. Smith Price advised Hotbed; Deekay acted for Rio Estates.
Hanover hands over EC2 block
Hanover Securities has sold the freehold of 13 Austin Friars, EC2, to the ITB Pension Fund for £4.7m – a 5.1% yield. Hanover bought the 9,797 sq ft office building in 2009, before carrying out extensive refurbishment. Equipe Real Estate Advisors advised Hanover Securities; Fletcher King acted for ITB.
Aviva buys West End office
Aviva Investors UK Real Estate Recovery Fund has bought 10-11 Great Newport Street, WC2, for £10.2m – a 6.37% initial yield. The building was sold by Legal & General on behalf of its client BMW UK Trustees and comprises seven floors of offices and shops. It is currently fully let to marketing communications group Euro RSCG London. Strutt & Parker advised Aviva; Knight Frank and King Sturge acted for L&G.
Breckland bags Wilko store
Valad’s Osprey Fund has sold the freehold of a former Somerfield supermarket in Thetford, Norfolk, to Breckland district council for £3.5m – a 6.75% yield. The 30,000 sq ft property is now let to budget retailers Poundstretcher and Wilkinson. Edgerley Simpson Howe advised Valad; Carter Jonas acted for the council.
LVAM sells retail park
LV=Asset Management has sold its 65,000 sq ft Keighley retail park in West Yorkshire to the Henderson UK Property Unit Trust for £14.2m – a 6.25 yield. LVAM said that four parties bid for the park, which it put up for sale at £14m. Cushman & Wakefield advised Henderson; Edgerley Simpson Howe acted for LVAM.
