Invista has sold the freehold of its retail development at 1-5 Spurriergate and 1-3 High Ousegate, York, to BP Pension Fund for over £30m, reflecting a net initial yield of below 5 per cent.
The property is located in York city centre and was developed by Invista clients in 2005. Providing 36,800 sq ft of retail space at ground level and 13 modern apartments above, the property is fully let on an average weighted unexpired term of over 12 years. Tenants include H&M, Zara, Game, Phones 4U and William Hill.
Nick Montgomery, Head of UK Commercial at Invista, said: “The strong price achieved reflects the competitive bidding and continued institutional demand for high quality core properties, located in prime positions and where income is secured for in excess of 10 years to good covenants.
“Having seen considerable yield compression during the last few months we felt that the current climate represented a good opportunity to dispose of these assets.”
CBRE acted on behalf of Invista and HP4 acted for the BP Pension Fund.
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