Cluttons Daniel Smith - Retail - London, Covent Garden, 41-45 Neal Street

Date: 03 Aug 1998

The Abbey Property Fund Invests In Covent Garden

The Abbey Property Fund, represented by Cluttons Daniel Smith, has acquired the freehold of 41-45 Neal Street, Covent Garden from Lionbrook Property Partnership, advised by Baring Houston & Saunders. The £5,777,950 purchase price reflects an overall net initial yield of 5.34 per cent for this 526.3 sq m/5,665 sq ft retail and office property

Lionbrook Property Partnership created the investment opportunity by restructuring the occupational leases with the former retail tenants, Sam Walker and The Bead Shop. By taking surrenders of their respective leases, Lionbrook was able to grant a new 20 year lease to Red or Dead Ltd at an annual rent of £230,000. The tenant, as part of the landlord's structural works, has carried out alterations to create a single retail unit of 260 sq m/2,800 sq ft at ground and basement levels by combining two former retail units occupied by Sam Walker and The Bead Shop.

The first, second and third floor offices, comprising some 2,865 sq ft, are let to IMC (UK) Ltd until 2008, producing an annual income of £89,250.

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