Hermes Real Estate has sold a major high street retail unit to a client of CBRE Global Investors.
21/23A Tavern Street, which is let to H&M, was sold for GBP8.4 million.
The 22,000 sq ft, three floor unit is primarily located in the main retail district in Ipswich on the corner of the pedestrianised Tavern Street and Tower Street. The building is entirely let to H&M, who hold the lease until December 2021.
Chris Taylor, chief executive, Hermes Real Estate, says: “The disposal of 21/23A Tavern Street is consistent with our approach of maximising returns through strategic sales at the right point in the market cycle as well as the refocusing of our portfolio towards our core investments.”
Jackson Criss acted for Hermes Real Estate and Fawcett Mead acted for CBRE Global Investors.