Property news - Putney property deal

Merrill Lynch Property Fund, owner of the Exchange shopping centre in Putney, southwest London, has bought an adjoining property.

It paid ISIS Property£1.25 million for 104 Putney High Street, which provides 1,640 sq ft (150 sq m) at ground and basement levels. At present, the unit is let on an overriding lease to Dollond & Aitchison, expiring in December 2011, at a rent of£51,500 a year, with a rent review outstanding. ISIS Property asset manager Philip Owen said: 'This sale represents a good opportunity to dispose of one of our small high street investments in keeping with our longer-term strategy.' Donaldsons acted for MLPF.