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Retail block sold for £20 million
A RETAIL block in York’s city centre occupied by highstreet brands including French Connection and Superdry has been sold for more than £20 million.
LaSalle Investment Management, represented by Savills, has sold 1 to 5 Davygate and 3 Little Stonegate to DTZ Investment Management for £20.615 million.
The retail parade of four shops and a leisure unit, totalling around 39,990 sq ft, is currently let to Superdry, Karen Millen, French Connection, Sports Direct and Banyan bar’s owner ARC Inspirations.
Richard Debney, regional director at LaSalle Investment Management, said: “The sale of this prime property is part of our wider strategy to recycle investment into further higher return seeking opportunities, including assets in alternative sectors.”
Simon Lister, director of investment at Savills, added: “We were able to capitalise on the lack of supply of similar product in the market and the keen price achieved reflects the appeal of this property and the strong demand, especially from institutional funds.”
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