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LaSalle Investment Management sells super prime retail block in York for £20.615m

wantspacegotspace.co.uk - Lasalle Investment Management sells super prime retail block in York for £20.615mLaSalle Investment Management, represented by Savills, has sold 1-5 Davygate and 3 Little Stonegate, York to DTZ Investment Management for £20.615m representing a net initial yield of 5.25%.

Located in the prime retail pitch of Davygate, the retail parade of four shops and a leisure unit totals circa 39,990 sq ft (3,715 sq m) and is let to Superdry, Karen Millen, French Connection, Sports Direct and ARC Inspirations.

Richard Debney, regional director at LaSalle Investment Management, says: “The sale of this prime property is part of our wider strategy to recycle investment into further higher return seeking opportunities, including assets in alternative sectors.”

Simon Lister, director of investment at Savills, comments: “We were able to capitalise on the lack of supply of similar product in the market and the keen price achieved reflects the appeal of this property and the strong demand, especially from institutional funds.”

DTZ Investment Management was represented by CBRE.

Posted by The Editor (wantspacegotspace) on 21st October 2013 (updated 22/10/2013)

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