LaSalle Investment Management has bought a prime multi-let retail block at 10a-14 Westgate Street and Units 1&2 Crown and Anchor Mews in Ipswich for GBP8.73m reflecting a net initial yield of 7.1 per cent.
The freehold block comprises three prime retail units leased to WH Smith, Clarks Shoes and Office Shoes, together with two small retail units at the rear.
The attractive part listed property is set across ground and three upper floors and offers a prime retail holding in a strong south east market town on approximately half an acre of land, with approximately nine years to lease expiry on the majority of the income.
Gavin Ingram, associate firector, LaSalle Investment Management, says: “Ipswich is a vigorous town with high retailer demand and almost no vacancy in the prime pitch. The main retailer thoroughfare is healthy and will only improve with the proposed refurbishment programmes planned at the two major shopping centres in town.”
CWM acted on behalf of LaSalle Investment Management while DTZ acted on the instructions of pension fund clients of Aberdeen Asset Management.