CBGA, acting on behalf of a private developer client, have sold the freehold interest in the Marks & Spencer Food Hall in Pond Street, Hampstead, London NW3, to a Pension Fund, for a price of £7,350,000. This shows a net initial yield of 4.1%.

The unit is located mainly on ground floor of a substantial luxury block of apartments and comprises a gross internal area of 1,562 sq m (16,815 sq ft). The property is let to Marks & Spencer Plc with 21 years unexpired on the lease, at a current rent of £320,000 per annum. There is a rent review in January 2011 where an uplift is anticipated.

The purchase price of £7,350,000 equates to a net initial yield of 4.1% and a reversionary yield approaching 5%.

CBGA received substantial interest in the property from both UK and Overseas investors and there was considerable competition and the purchase price reflects a 5% premium on the original quoting price.

Should you require any additional information, please contact: Richard Starr
CBGA
34 Dover Street
London
W1S 4NG

Tel: 020 7495 6838
Fax: 020 7495 3056
e–mail: rstarr@cbga.co.uk
Website: www.cbga.co.uk

CBGA are one of the leading niche firms of investment surveyors based in Central London specialising in the sales and acquisitions of commercial investment properties.
The website is designed to provide an insight into the activities of the company, together with providing information on recent transactions and current sales.