Mon, 29/10/2007 - 06:00
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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