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Prime Retail Investment in Canterbury Sold

5 May, 2010

A private investor client of Hartnell Taylor Cook LLP has acquired 12- 14 St George's Street, Canterbury, a retail investment for £2.8 million from LaSalle Investment Management acting on behalf of Flodrive UK V2 Limited.

The investment comprises two adjoining retail stores located in Canterbury's prime retail pitch of St George's Street, situated between the Marks & Spencer and Fenwicks Department stores.  Other nearby retailers include WH Smith, McDonalds, Superdrug and New Look. 

The investment is held on a long leasehold for a term expiring in 2095 and generates a gross annual income of £248,500.  Unit 12 is let to Phones 4U Ltd until 2017 (2123 sq ft) and Unit 14 is let to Next Group Plc until March 2011 (2014sq ft).

The transaction reflects a net initial yield of 7.3%.

Lewis & Partners acted for the vendor.