Irish investor lands prime pitch
Britannic Asset Management has sold 88-90 Kensington High Street in London to a private Irish investor for£5.6 million, gaining a net initial yield of 4.5 per cent.
The prime property is let to womenswear retailer Morgan for another 11 years at a passing rent of£267,500 a year. However, with prime rents on Kensington High Street exceeding£320 Zone A, the current rent of£220 Zone A is likely to rise on review next year.
Atis Real Weatheralls advised Britannic Asset Management. Knight Frank represented the purchaser.
Atis Real Weatheralls investment agency director Chris Dickin said: 'The investment attracted a lot of interest from private UK and overseas investors. The price and yield achieved reflect the continued demand from individuals within the sector actively seeking trophy investment opportunities.'
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