Lazard Property Unit Trust pays £11.72m for mixed portfolio
Lazard Property Unit Trust has purchased a property portfolio from the Reckitt & Coleman Pension Fund for £11.718m, reflecting a net initial yield of 9%.
The portfolio comprises:
- 36 – 37 Pride Hill, Shrewsbury, Shropshire
A 478 sq m (5,145 sq ft) retail unit let to Thomas Cook on a 25 year lease from 1983 with five yearly rent reviews. The investment produces £105,500 pa.
- 30 High Street, Stratford Upon Avon, Warwickshire
A 448 sq m (4,825 sq ft) retail unit let to Dixons on a 50 year lease with 36 years unexpired and five yearly rent reviews. Dixons pays £73,000 pa.
- 36 Market Place, Wokingham, Berkshire
A 534 sq m (5,961 sq ft) retail unit let to Superdrug on a 25 year lease from 1984 with five yearly reviews. The investment produces £75,500 pa.
- John Kirk House, 31/32 John Street, London, WC1
A 1,054 sq m (11,343 sq ft) office building let to Northcliffe Newspaper Group on a 25 year lease from 1985 with five yearly reviews. The company pays £395,000 pa.
- Denmark House, Denmark Street, High Wycombe, Buckinghamshire
A 918 sq m (9,882 sq ft) office building let to HMC Services on a 25 year lease from 1979 with five yearly reviews. HMC pays £138,600 pa.
- Unit 36/37, Techno Trading Estate, Swindon, Wiltshire
A 5,355 sq m (57,639 sq ft) industrial unit let to Raychem on a 25 year lease from 1980 with three yearly reviews. The company pays £295,360.
Savills represented Lazard and Knight Frank acted for the pension fund.
EGi News 16/07/96
Lazard Property Unit Trust has purchased a property portfolio from the Reckitt & Coleman Pension Fund for £11.718m, reflecting a net initial yield of 9%.
The portfolio comprises:
36 – 37 Pride Hill, Shrewsbury, Shropshire
A 478 sq m (5,145 sq ft) retail unit let to Thomas Cook on a 25 year lease from 1983 with five yearly rent reviews. The investment produces £105,500 pa.
30 High Street, Stratford Upon Avon, Warwickshire
A 448 sq m (4,825 sq ft) retail unit let to Dixons on a 50 year lease with 36 years unexpired and five yearly rent reviews. Dixons pays £73,000 pa.
36 Market Place, Wokingham, Berkshire
A 534 sq m (5,961 sq ft) retail unit let to Superdrug on a 25 year lease from 1984 with five yearly reviews. The investment produces £75,500 pa.
John Kirk House, 31/32 John Street, London, WC1
A 1,054 sq m (11,343 sq ft) office building let to Northcliffe Newspaper Group on a 25 year lease from 1985 with five yearly reviews. The company pays £395,000 pa.
Denmark House, Denmark Street, High Wycombe, Buckinghamshire
A 918 sq m (9,882 sq ft) office building let to HMC Services on a 25 year lease from 1979 with five yearly reviews. HMC pays £138,600 pa.
Unit 36/37, Techno Trading Estate, Swindon, Wiltshire
A 5,355 sq m (57,639 sq ft) industrial unit let to Raychem on a 25 year lease from 1980 with three yearly reviews. The company pays £295,360.
Savills represented Lazard and Knight Frank acted for the pension fund.
EGi News 16/07/96
