Strong investor demand for high street retail investments has been underlined by the£10.75 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 of£562,010 a year.
The units, totalling 21,340 sq ft (1,980 sq m), are let to Virgin, Jessops and Pizza Hut. The passing rents reflect£100 to£118 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.'