Alterity Investments, advised by MMX Retail, has sold 12/15 High Street in Winchester for £15.825 million.
Winchester is one of the most affluent cathedral cities in the UK, attracting an estimated 5.6 million visitors per year, and is considered a very strong retail destination.
The property is ideally situated on the prime retail pitch of Winchester’s High Street. The property comprises three integrated buildings forming a single department store offering 50,612 sq ft of retail space across five floors. The property is currently occupied by Debenhams on a 30-year lease, c. 17 years left until lease expiry, with fixed rental increases throughout the remainder of the lease. Debenhams is the only department store in the city.
Scott Mitchell, Partner at MMX Retail, said: “Winchester presents an attractive opportunity for investors due to its affluent catchment and the significant number of visitors it receives each year. The sale of this asset fitted with our client investment strategy having acquired the asset in 2007”.
CBRE represented the purchaser.
