F&C REIT Asset Management has sold 88 High Street, Guildford, Surrey, to Deramore Property Group for £4.8m – a 4.69% net initial yield.
The 3,100 sq ft property is let to Carphone Warehouse on a 10-year lease at a rent of £240,000 pa, which equates to a zone A rate of £296 per sq ft.
The accommodation is arranged over ground, first and second floors, and is adjacent to Whistles, Russell & Bromley and opposite Superdrug.
Smith Price, which acted for F&C REIT Asset Management, said the deal represents one of the keenest prices achieved for a high street retail property investment outside of Greater London over the past 12 months.
Strutt & Parker advised Deramore Property Group.
annabel.dixon@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
