Frogmore completes in W11
Frogmore has completed its purchase of the four-building Notting Hill Unit Trust in west London for £219.3m – a 3.2% yield. Pears Group and LaSalle Investment Management sold the 171,000 sq ft estate, which comprises shops, restaurants, offices and a cinema. Savills advised vendor CWM and Everton Phillips advised Frogmore.
Benson Elliot sells a brace
Benson Elliot has sold its Templeback site in Bristol to Orchard Street Investment Management for £58.5m – a 5.34% yield. The firm has also sold 55 Princess Street in Manchester to Standard Life for £22.4m – a 5.34% yield. Cube Real Estate and Farmer Capital advised Benson Elliot; JLL acted for Standard Life; Savills represented Orchard Street.
LondonMetric funds Yorks shed
LondonMetric Property has agreed to forward fund a 524,000 sq ft shed in Wakefield, West Yorkshire, for £39.4m – a 6.3% yield. The property, which is let to Poundworld on a 15-year lease at a rent of £4.85 per sq ft, is expected to complete in autumn 2016. JLL advised LondonMetric; vendor Marshall Construction CDP was unrepresented.
LAMIT buys Notts Homebase
LAMIT has bought an 80,045 sq ft retail warehouse in Nottingham from Sharmore for £16.7m – a 6.79% yield. The property is let to Homebase on a 25-year lease from 2003 at a rent of £1.2m pa. BNP Paribas Real Estate advised LAMIT; Savills acted for Sharmore.
LaSalle in for Manchester block
LaSalle Investment Management has bought a mixed-use block in central Manchester from David Samuel Properties for £16.2m – a net initial yield of 6.6%. Maybrook House at 48-58 Deansgate covers 68,556 sq ft and is let to nine tenants, with 6,813 sq ft vacant. LaSalle was advised by Deloitte Real Estate; Bilfinger GVA acted for David Samuel Properties.
