Strong investor demand for high street retail investments has been underlined by theÂŁ10.75 million sale of four retail units at 93/105 Clarence Street, Kingston upon Thames, reflecting a 4.95 per cent initial yield on the current rent ofÂŁ562,010 a year.
The units, totalling 21,340 sq ft (1,980 sq m), are let to Virgin, Jessops and Pizza Hut. The passing rents reflectÂŁ100 toÂŁ118 Zone A, with reviews outstanding on the Virgin and Jessops units.
The vendor was a client of CBRE Investors, advised by Gerald Eve and Whitmarsh Holt Young advised the purchaser, a client of Credit Suisse Asset Management.
Gerald Eve partner Chris Mulcock said: 'While an initial yield of just under 5 per cent for this property appears fierce, two other sub-5 per-cent yield bids were also received, underlining the renewed appetite from institutional investors for retail parades in strong centres, even when located outside prime position.'
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