August 4, 2014
Rockspring Property Investment Managers, advised by Kitchen La Frenais Morgan, has sold three retail properties in Hemel Hempstead, Nottingham and Portsmouth for a total of over £5.2 million.
In Hemel Hempstead, Rockspring has sold the freehold interest in a multi-let retail property at 179/185 The Marlowes to Sheet Anchor Evolve for £2m. The units, which total approximately 26,400 sq ft, are let to W H Smith, Quasar and a local retailer and currently produce a rent of £200,000 pa.
The freehold interest in a 9,400 sq ft retail unit in Nottingham, occupied by French Connection, has been sold to George Capital Real Estate Fund for £1.8 million. The property at 8-12 Victoria Street, is let in its entirety to the fashion retailer, on a new FRI lease from March 2014, at a rent of £145,000 pa.
In Portsmouth, Rockspring has sold the freehold interest in 250-254 Commercial Road to Schroders Property Investment Management for £1.475 million. The units, which total approximately 9,300 sq ft, are let to KFC, Ladbrokes and Greggs and produce a total net rent of £148,000 pa.
Finn & Company acted on behalf of Sheet Anchor Evolve. George Capital Real Estate was advised by GCW and Savills acted for Schroders Property Investment Management. Kitchen La Frenais Morgan acted for Rockspring in all three transactions.