Hermes heads to Hemel

Hermes Property Unit Trust has acquired 239-245 Marlowes at Hemel Hempstead, Hertfordshire, for£4 million from Motcombe Estates. The purchase reflects an initial yield of 6.38 per cent. The property comprises 3 retail units and 2 floors of office space totalling 14,000 sq ft (1,300 sq m). Occupiers include Blockbuster and Hogg Robinson. CB Richard Ellis acted for Hermes. CBRE surveyor Tim Williams said: 'On completion, Hermes' acquisition is likely to form part of the prime pitch adjacent to both Marks & Spencer and the new development.'