F&C REIT Asset Management has completed the £26.4m sale of 160-166 Kensington High Street, reflecting a net initial yield of 4.5%.
The period building comprises 21,524 sq ft of retail and office space, with 25 metres of unbroken frontage to Kensington High Street.
Let to Argos, Metro Bank and Mind Gym, the building has an average unexpired term of 9.8 years and a total income of £1,254,000 pa.
Joanne Wilkes, Head of In Town Retail at F&C REIT said: “This is a prime central London holding, offering a secure income stream for the investor. The building has undergone substantial refurbishment during the last two years which has generated significant growth in value.”
“The disposal demonstrates the strong investor demand for central London retail properties and allows for capital to be deployed into new opportunities to provide a higher income return for our client.”
F&C REIT was advised by Knight Frank and Bidwells represented the purchaser.
