Property News - Morley sells Romford Debs

Morley Fund Management has sold its 21,370 sq m Debenhams store in Market Place, Romford, to an Irish investor for nearly£20 million, representing a net initial yield of 5.46 per cent. The store is let for a further 92 years to Debenhams at£1.15 million per annum, with the next five-yearly rent review in October 2005. CB Hillier Parker advised Morley Fund Management and Strutt & Parker acted for the purchaser.