Strutt & Parker - Retail Sale - Winchester / Edinburgh

Date: 05 Mar 2008

Deramore Property Group has increased its retail portfolio with the acquisition of two prime retail properties in Winchester and Edinburgh, for a total of £23.05m.

Deramore Property Group, advised by Strutt & Parker and Mishcon de Reya, has purchased the freehold interest of 12-15 High Street, Winchester, from British Land, for £11.25 million, reflecting a net initial yield of 4.47%.

The 50,612 sq ft property, arranged over four floors, is let in its entirety to the leading UK high street retailer, Debenhams Retail Plc, on a lease expiring in 2034, at a rent of £538,445 per annum. CBRE advised British Land.

Deramore Property Group, advised by Atisreal, has purchased the freehold interest of 121-123 Princes Street, Edinburgh, from clients of Resolution Asset Management, for £11.80 million.

The property comprises three shop units with vacant upper office accommodation. City of Edinburgh Council has granted permission for the redevelopment of the property to provide 30,000 sq ft of retail accommodation over three floors, with prestigious office accommodation above, overlooking Edinburgh Castle. CBRE advised Resolution Asset Management.

12-15 High Street, Winchester