Strutt & parker - Retail - Edinburgh, Princes Street

Date: 13 Jan 1999

Henderson Investors, on behalf of Pearl Assurance Plc, have sold their feuhold interest in 107/109 Princes Street to Universities Superannuation Scheme Limited for £21,110,000. This reflects a yield of 4.9%.

The property, which is situated in the prime position in Princes Street, comprises a retail unit arranged on basement, ground and first floors with ancillary office accommodation on three further upper floors. The total area amounts to 4,227 sq m (45,500 sq ft).

The store, which was formally occupied by John Menzies, is let in its entirety on a new lease to Next Plc for a term of 25 years at a current rent of £1.13m per annum. Next opened for trade in November.

The transaction was concluded in 10 days, just prior to Christmas and represents just one of a number of transactions which Henderson completed over the period.

Richard Ellis and Jones Lang Wootton represented USS and Henderson were advised by Strutt & Parker.

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