Lunson Mitchenall’s investment team has enjoyed a successful first quarter of 2016, advising on three separate high street deals. This follows the news that the UK’s leading niche retail and leisure agency recently acted on behalf of CBRE Global Investors on its high-profile purchase of Waterstones, Piccadilly, which was sold by Meyer Bergman for £92 million (3.2 per cent net initial yield) following an off-market approach by Lunson Mitchenall.
Lunson Mitchenall’s investment division advised an overseas private investor on the sale of 96 Westbourne Grove. The prominent corner property in West London is currently let to popular US coffee chain Starbucks and was sold for £2.55m, reflecting a 3.27 per cent net yield – a record yield for this part of the street.
The team advised Clearbell on the purchase of 167-181 Clarence Street in Kingston upon Thames. The building is let to well-known tenants including Foxtons, Featherstone Leigh, Subway and CEX, and was sold for £5.55m at 6 per cent net initial yield.
Lunson Mitchenall also advised Capital & Regional on the acquisition of 6-10 Princess Way, Camberley, which adjoins its shopping centre. Following an off-market approach by Lunson Mitchenall, the property was purchased for £3.1m, reflecting a net yield of 7.15 per cent.
James Cogavin, Lunson Mitchenall, commented: “As one of the leading niche retail and leisure agencies in the UK, our ability to source and transact on high-profile deals such as Waterstones, Piccadilly and Westbourne Grove represents our growing presence in the London market. It demonstrates demand for retail assets in affluent sites in London and the South East, particularly in prominent high street locations.”
Lunson Mitchenall’s Investment division has a solid and impressive client base. The team is known for advising property companies and funds such as CBRE Global Investors, Meyer Bergman, Blackstone, Land Securities and Delancey on acquisitions, sales and funding. The team also assisted Mauritian-based special property vehicle, New Frontier Properties on its UK debut last year with two shopping centre acquisitions. The division provides strategic advice to clients and is focused on minimising risk, whilst maximising sale proceeds.
Orme Retail acted on behalf of the purchaser at 96 Westbourne Grove, JLL acted for Schroders on the sale of 167-181 Clarence Street, Fawcett Mead acted on behalf of the seller of 6-10 Princess Way, and Meyer Bergman was unrepresented.
