House of Fraser store fetches £9.15m
DTZ Investors has bought 32-35 High Street, Exeter for £9.15m, reflecting a 5.0 per cent net initial yield.
The property, which occupies a prime city centre trading location, comprises a 56,000-sq ft purpose-built department store. The property is let to House of Fraser in its entirety until 2038. Nearby retailers include Marks & Spencer, Tesco and Urban Outfitters.
According to DTZ Investors the acquisition has enabled its client to gain exposure to a prominent freehold interest in a strong retailing core.
CWM acted on behalf of DTZ Investors.