Knight Frank retail capital markets team has sold the freehold of a prime retail block 87-88 East Street, Chichester on behalf of CBRE Global Investors to a private individual, for £3.58 million, reflecting a net initial yield of 4.72%.
The building occupies a 100% prime pitch on the pedestrianised East Street, and is let to retailers Mint Velvet and Lush on terms of 4.2 years, providing a total income of £178,750 per annum.
GCW advised the purchaser.
