Kames Capital, on behalf of the Aegon UK Property Fund and advised by Kitchen La Frenais Morgan (KLM), has acquired 68-71 High Street, a 100% prime multi-let retail parade for £8.5 million which reflects a net initial yield of 5%.
68-71 High Street is located at the heart of Chelmsford’s City Centre next to Marks & Spencer and opposite Debenhams. The parade includes tenants such as Carphone Warehouse, Clintons and Claire’s Accessories and has a WAULT to lease expiry of 7.25 years.
Fund Manager Sarah Cockburn commented: “The purchase of this prime multi-let parade in Chelmsford meets with our requirement to invest in liquid assets within strong retail centres. The imminent arrival of John Lewis will provide a boost for the City and the rental growth prospects for the property.”
The vendor M&G was advised by JLL.