Retail property - Windsor Trust buys Worcester Debs freehold

Windsor Trust has bought the freehold of the Debenhams department store in Worcester for£8.5 million, representing a net initial yield of 4.92 per cent.

The store at 67/71 High Street, Worcester, is let to Debenhams on a 99-year lease from 1977, expiring in 2076.

Originally, Debenhams had an unusual upwards and downwards rent review clause, but this was recently renegotiated.

The rent is£442,265 a year, equating to just£8.50 per sq ft (£90 per sq m) overall.

Cushman & Wakefield Healey & Baker advised Windsor Trust & Developments.

CB Richard Ellis advised the vendor, the Marchday Group.