Private Irish investor clients of AIB Investment Managers, advised by GVA Grimley have purchased the freehold of 36-40 High Street, Epsom Surrey for £1.175 million to show a net initial yield of 7.55%. The 660 sq m (7,100 sq ft) three storey retail building has a ground floor sales area of 210 sq m (2,250 sq ft) and is let to McDonalds Property Company on a 35-year lease with 16 years remaining. The property is situated within the main high street parade next to the proposed Epsom Lifestyle Centre, a retail, leisure and residential scheme to be developed on land at the rear.
French Connection franchises Parker Royle Ltd has signed up with Land Securities to take a 245 sq m (2,650 sq ft) shop at 74 Lord Street, Liverpool on a 15 year lease at a rent of £75,000 pa, equating to a Zone A of £100. Land Securities has relocated the previous tenant, JJB Sports to Williamson Square, a new development by Neptune Developments Ltd which was carried out in association with Land Securities who now own the completed investment. The historic Luton Hoo was placed on the market in the autumn of 1997 on the instructions of the Executors of the late Nicholas Phillips and the Trustees of Luton Hoo Foundation.
The joint agents, Messrs. Bidwells and Knight Frank, on behalf of the Executors and Trustees, announce that a sale of the northern part of the Estate, including the Mansion house and the stable block, has been concluded to an undisclosed purchaser. Conveyancing solutions
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The solicitors were Messrs. Simmons and Simmons (Property partner George Littler and Corporate partner George Kennedy) who represented the Executors, and Messrs.
The Wernher Collection has been removed from the Mansion and will be put on public display at another location in the future.
Details of the sale are confidential but the purchaser has acquired a number of significant houses in England over recent years and the future of the Luton Hoo Mansion and Parkland is considered to be in good hands.
Frogmore Estates plc (“Frogmore”) today announces the pre-letting of its entire 68,000 sq ft net office development in Staines to a US-based IT consultancy at an overall rent of £1.8m a vear £26.50 psf. The tenant is to enter into a 25 year lease with an option to break at the end of the 16th year of the term. Construction of the office scheme, which is located only half a mile from Junction 13 of the M25 and three-quarters of a mile from Staines town centre will commence in March.
The 2.1 acre site was acquired last July and Frogmore has spent the past few months revising the planning consent.
The high quality office scheme will be on around and three upper floors with parking for around 325 cars and on completion will have an investment value in the region of £27m.
Commented Graham McCulloch, Frogmore’s Development Director: This pre-letting clearlv demonstrates the strength of demand for the right type of modern office buildings in the right location and also reflects the high quality of Frogmore’s office development programme.