CBRE, on behalf of the Henderson UK Property Fund, has sold a prime flagship high street investment at 6-7 High Street, Oxford for £9.3 million to Eyre Estate Investment Fund.
The price reflects a net initial yield of 4.83%, demonstrating the sustained investor demand for prime retail assets in the top retail destinations.
The 14,048 square foot property located in the centre of Oxford’s prime retail offer is let in its entirety to Jack Wills, the iconic British lifestyle brand.
CBRE previously acquired the property for Henderson Property in May 2010 from DTZ Investment Management for £5.05 million. Having subsequently obtained vacant possession, the property was re-let to Jack Wills at a rent of £475,000 per annum. Jack Wills opened the store in September 2012.
Peter Arduino, Head of High Street Investment, CBRE, commented: “Our unrivalled depth of retail knowledge enabled us to identify the great opportunity this property afforded. As a result of close collaboration between our Capital Markets and Landlord Advisory Team we were able to deliver an outstanding result for our client.”
Cameron Fraser, Property Director at Henderson Property, commented: “This asset has been a clear example of the Fund’s value-add management style. By redesigning what was a poorly configured unit and creating one of the most impressive retail units in Oxford, we have maximised returns for our investors. Through the assistance of Larraby Land and CBRE, the Fund has created a lasting impression in Oxford’s retail hierarchy.”
CBRE and Larraby Land acted for Henderson Global Investors. The Eyre Estate was advised by MMX Retail.
