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£17.5 Million paid for Freedom

5 November, 2007

£17.5 million has been paid for the freehold retail investment at Freedom House, Basildon.

A private client of Molyneux Rose advised by Hartnell Taylor Cook LLP's London office has acquired Freedom House, a multi-let retail parade, located between the two principal entrances to the Eastgate Centre. The 1960's block has an unbroken parade of 36 units and tenants include NatWest, Alliance & Leicester, Dolland & Aitchinson Ltd, Jessops and Abbey National.

The investment generates an income of £1,142,825 per annum, with the majority of the units let for a term certain of five years plus.

The transaction reflects a net initial yield of 6.75%.

Hartnell Taylor Cook LLP and Molyneax Rose represented the purchasers, CBRE Richard Ellis and Mass & Co advised the vendors the Co-operartive Insurance Society.