Retail Property - Save & Prosper sells off Chester shops for £4m

Save & Prosper has sold two stores in Chester city centre. 27/29 Eastgate Street and 21/23 Eastgate Row North have been sold to Wyndham Investments, the property arm of the Allied Domecq Pension Funds, for£4 million, reflecting a net initial yield of 5.4 per cent.

The unit at 27 Eastgate Street & 21 Eastgate Row North is let to Viyella for 20 years from 1995 at a current rent of£122,100 per annum. Next door, at 29 Eastgate Street and 23 Eastgate Row North, is let to Bella Pasta for 25 years from 1989 at a passing rent of£106,750 per annum.

Cushman & Wakefield Healey & Baker advised the vendor and DTZ Debenham Tie Leung acted for the purchaser.