Millbank Property Fund has paid Rover Group Trustees £5.2m for the freehold of the Debenhams department store at 67/71 High Street, Worcester. The deal reflects an initial yield of 7%.
The 4,412 sq m (47,491 sq ft) store comprises basement, ground and three upper levels. Debenhams holds a lease with 80 years to run and is currently paying £370,000pa.
Lazard Brothers and Savills represented Millbank while Nelson Bakewell advised Rover.
EGi News 26/07/96
