Quintain Estates & Development has sold its 35-year leasehold interest in 47-51 Eden Street & 2-4 Eden Walk, Kingston Upon Thames, Greater London, to Coal Pension Properties, the units’ freeholder, for £4.61m.
The deal reflects a net initial yield of 7.13% on a current rent of £355,000 pa . The two units total 2,095 sq m (22,553 sq ft) and are let to Heal’s and BT. There is an outstanding rent review on the BT unit.
The leasehold is held on a fixed rent of £7,200 pa.
DTZ Debenham Tie Leung and LaSalle Investment Management advised Coal Pension Properties. Morgan Loggie advised Quintain.
EGi News 19/09/00
