Hermes Real Estate Investment Management has completed the sale of 68-70 George Street and Shearwater House in Richmond, Surrey, to a private family trust for close to £12.6m – a 4.6% yield.
The 17,100 sq ft property comprises a 8,100 sq ft shop let to River Island on a lease due to expire in August 2023.
The property also includes 9,000 sq ft of office accommodation arranged over the ground and upper three floors. The self-contained offices are let to the Orange Square Company, Scientific Data Analysis and CDMS.
Chris Taylor, chief executive of Hermes Real Estate Investment Management, said: “With substantial growth in office and retail values in the Richmond area since we purchased the property in the early 1990s and particularly over the past year, we took the decision to capitalise on our investment. As a result we have generated a strong 12-month total return.”
Jackson Criss represented HREIML; Fawcett Mead acted on behalf of the purchaser.
annabel.dixon@estatesgazette.com
