CBRE has advised on the sale of 15 Davygate in York on behalf of CBRE Global Investors.
The 5,670sq ft building, which is currently let to Hobbs on a new 10 year lease, sold to Canada Life for £3.78m reflecting a yield of 5.00%.
York has seen a resurgence in retailing over the years and is currently ranked 4th highest for retailer requirements in the UK. The growth is set to continue with shopping population forecast to increase by 8% by 2018.
Hugo Prince, Director at CBRE, commented, “The interest shown in this property reflects the fact that investor appetite for prime High Street assets with sound real estate fundamentals is improving.
“With the out of town Vangarde Shopping Park currently undergoing an extension, this deal is testament that with the right offer, city centres can continue to attract investment alongside shopping centres.”
Earlier this year, CBRE advised on the funding of the Vangarde Shopping Park, York, on behalf of the Oakgate Group. The Fund acquired the balance of the freehold scheme for £62.55 million, reflecting a yield of 5.15%.
CBRE advised CBRE GI, Cushman & Wakefield advised the purchaser.
