Property News - Teesmartin pays £14.2m for High Wycombe centre

Chester Properties and Cargill Investments have sold the Chilterns shopping centre at High Wycombe, Buckinghamshire, to Teesmartin, a joint venture between Kilmartin Properties and Teesland. The£14.2 million price tag reflects an initial yield of 8.2 per cent.

The 111,810 sq ft (10,385 sq m) Chilterns centre, which was constructed in 1987, provides 97,040 sq ft (9,015 sq m) of retail space in 27 shop units, and 14,765 sq ft (1,370 sq m) of offices.

The complex is anchored by a 3,820 sq ft (355 sq m) Marks & Spencer store, and the tenant line-up includes Next, Country Casuals, Clinton Cards, Early Learning Centre, Wilkinson and Burger King.

Chester Properties director Tom Tyler said: 'Since we acquired the Chilterns in February 2001, we have succeeded in achieving full occupancy and have secured a strong tenant line-up of national multiples. Given this, and the current demand for well-let shopping centre investments, we felt that it was a good time to sell.'

Franc Warwick acted on behalf of Chester Properties. Douglas Stevens & Co represented Teesmartin.