CBRE Global Investors completes two acquisitions for GBP19.7m
CBRE Global Investors, the real estate investment firm, has completed two acquisitions in southern England for a total of GBP19.7m.
The first acquisition is a 17,200 sq ft former Carpetright site on Effra Road, Brixton, which is leased to Sainsbury’s for 25 years. The property was acquired for GBP8.2m.
The second acquisition, 38-42 East Street, Brighton, has been bought for GBP11.5m from West Register Properties, part of Royal Bank of Scotland. The property totals 19,200 sq ft over basement, ground and four upper floors. There are four retail units, let to LK Bennett, Comptoir des Cotonniers, Lush and Monsoon with offices and four residential flats on the upper floors.
Richard Dean, fund manager at CBRE Global Investors, says: “Both of these assets are core properties in excellent locations. The Brixton asset provides a secure, inflation-linked income stream in an improving London location. The Brighton purchase has medium term asset management opportunities and strong prospects for growth from the retail.”
Harvey Spack Field and Kitchen Le Frenais Morgan acted for CBRE Global Investors.