TWO city centre retail premises in York have been sold as part of a wider property portfolio acquired for £24 million.
Tellon Capital, represented by international real estate advisor Savills, has acquired the Rose Portfolio from Aviva Investors for approximately £24 million, reflecting a net initial yield of 4.67 per cent.
The portfolio of prime high street retail investments, which generates a net rental income of approximately £1.2 million per annum, includes EE and Clinton's in Coney Street, as well as four units on Oxford’s Cornmarket Street which are let to Kiehl’s, Starbucks, Pizza Express and The Change Group. It also includes O2 in Eastgate Street, Chester and The Entertainer in Thames Street, Kingston-Upon-Thames.
Ben Tyack, investment director at Savills, said: "The Rose portfolio combined a rare opportunity to purchase in four of the UK’s prime retail destinations with a strong tenant line up and good reversionary prospects."
Katie Taylor, investment director at Savills, added: "This was an excellent fit for our client’s investment rationale and we are very pleased to have secured the acquisition."
The vendor was represented by CBRE.
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