Jesus College Oxford, advised by Kitchen La Frenais Morgan, has sold two prime retail units in Newbury, Berkshire for a total of £3.15m.
A 2,900 sq ft ground floor shop, let to Vodafone, has been sold for £1.8m reflecting a net initial yield of 6.2%. The unit at 85 Northbrook Street has been let for a further 13.5 years at £92.50 Zone A and includes offices on the first floor part-let to Office Angels. It produces a rent of £117,750 pa. MacLaren & Partners acted on behalf of the purchasers, a private trust.
The second shop at 28/29 Northbrook Street has been sold to a private trust for £1.35m reflecting a net initial yield of 7.5%. The 2,500 sq ft ground floor shop is let to Maplin Electronics for a further 8.5 years at £81.50 Zone A. The office space above is let to Reed Employment and The EMEA Enterprise Company. The unit produces a rent of £107,500 pa. John Arkwright & Company acted on behalf of the purchasers.
Kitchen La Frenais Morgan acted on behalf of Jesus College Oxford in respect of both lettings of the ground floor shops and the subsequent investment sales.
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