LaSalle Investment Management completes purchase of UK properties

LaSalle Investment Management has announced the completion of the purchase of Tanner Row Multi Storey Car Park in the northern English city of York for GBP10.88m and a parade of shops in the southern coastal town of Eastbourne for GBP5.8m.

The property at 25 George Hudson Street in York includes a car park providing 289 spaces and is situated about 300 metres south-west of the city's prime retailing areas. The property was recently refurbished to include two retail units totalling 10,705 square feet and a shell office unit of approximately 9,000 square feet.

The car park is let on a 25-year lease to National Car Parks from May this year, with stepped increases for the first five years and five-yearly thereafter, while the retail units are let to a supermarket and a restaurant for 10 and 25 years respectively. LaSalle was advised by Dixon Wimbush and GVA Grimley.

LaSalle has also acquired 72-92 Terminus Road in Eastbourne, comprising nine high street retail shops with a total equated zone A area of 5,958 square feet. The property has a single vacant unit (comprising 9.8 per cent of estimated rental value) and eight other units let on six leases. The vendor has issued a 12-month rent subsidy of GBP39,400 on the vacant unit.

The property is located some 200 metres from the railway station at the western end of Eastbourne's Terminus Road and a short distance from the Arndale Centre. LaSalle was advised by Gooch Cunliffe Whale.

A member of the Jones Lang LaSalle group, LaSalle Investment Management, is a global real estate investment manager with USD47bn in assets under management in a range of real estate capital and operating markets including private and public, debt and equity investments.

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