Two City of London retail units, held on long leaseholds, have been sold by Lothbury Investment Management, on behalf of Lothbury Property Trust.
The adjoining units are located at 133 and 130-131 Cheapside and are let to Clintons and Holland & Barrett on leases expiring in January 2021 and March 2028 respectively.
A London-based charity has completed the deal to purchase the long leasehold interest for £11.5 million.
Commenting on the sale, Ed Hockley, director at Lothbury Investment Management, said: “This is a legacy holding of over 35 years, which even pre-dates the inception of Lothbury Property Trust, and has performed exceptionally well throughout the period of our ownership.
“Following an off-market approach from the purchaser, we were happy to conclude a disposal. It is very much in line with our current strategy of rebalancing our portfolio away from the retail sector. The proceeds will be used to acquire prime assets and to fund our compelling development pipeline of projects in accordance with our core/active strategy”.
Lothbury was advised by Savills. The purchaser was advised by BH2.
