Jones lang LaSalle - Retail Sale - Lancaster, St Nicholas Arcade

Date: 01 Nov 2002

A high street retail investment at 5/7 Penny Street and 1/3 St Nicholas Arcade, Lancaster has been sold by clients of LaSalle Investment Management to a private regional investor for a sum of £7.3 million reflecting a net initial yield of 6.67%.

The property consists of five retail units comprising 3,151 sq m (33,920 sq ft) let to Superdrug, Currys, Arcadia and Etam with rents ranging between £56 and £92 ITZA.

Jones Lang LaSalle represented LaSalle Investment Management whilst Morgan Martin acted on behalf of Gordon Moon Properties.

Jonathan Mills, Senior Surveyor, Investment, Jones Lang LaSalle Manchester comments:
‘The sale of this property reflects the continuing demand from investors for High Street retail in strong regional centres.’

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