Hiller Parker - Other - The Drapery, Northampton, NM1 2EP

Date: 04 Aug 1997

15/17 THE DRAPERY, NORTHAMPTON, NM1 2EP

Courtaulds Pensions Investment Management Ltd have bought their first pub investment. Courtaulds, who are represented by Hillier Parker Fund Management, paid £955,000 for the former retail unit at 15/17 The Drapery, which has been trading as a pub since April 1997.

Whitbread Plc occupy the property on a 35 year lease from 1997, at an initial rent of £75,000 p.a. (this reflects a net initial yield of 7.65%).

The vendor Allerton House Properties Ltd were represented by Bidwells.

Courtaulds are keen to increase their exposure to the expanding pub and restaurant sector, and expect to invest more in this sector in the next few months.

(ENDS)

All Press Enquiries:
Rory Morrison
HILLIER PARKER
Telephone: 0171 629 7666

OR

Caroline Stride
PRESS OFFICER - HILLIER PARKER
Telephone: 0171 629 7666

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