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Henderson sells prime Oxford shop at 4.83%

The Henderson UK Property Fund has sold a prime flagship high street investment at 6-7 High Street, Oxford for £9.3m to Eyre Estate Investment Fund. The price reflects a net initial yield of 4.83%. The 14,048 sq ft property located in the centre of Oxford’s prime retail offer is let in its entirety to Jack Wills, the British lifestyle brand.

The Henderson UK Property Fund has sold a prime flagship high street investment at 6-7 High Street, Oxford for £9.3m to Eyre Estate Investment Fund. The price reflects a net initial yield of 4.83%. The 14,048 sq ft property located in the centre of Oxford’s prime retail offer is let in its entirety to Jack Wills, the British lifestyle brand.

CBRE, which acted for Henderson, previously acquired the property for Henderson in May 2010 from DTZ Investment Management for £5.05m. Having subsequently obtained vacant possession the property was re-let to Jack Wills at a rent of £475,000 pa. Jack Wills opened the store in September 2012.

Cameron Fraser, property director at Henderson Property, said: “This asset has been a clear example of the Fund’s value add management style. By redesigning what was a poorly configured unit and creating one of the most impressive retail units in Oxford, we have maximised returns for our investors. Through the assistance of Larraby Land and CBRE, the Fund has created a lasting impression in Oxford’s retail hierarchy.”

Peter Arduino, Head of High Street Investment, CBRE, commented: “Our unrivalled depth of retail knowledge enabled us to identify the great opportunity this property afforded. As a result of close collaboration between our Capital Markets and Landlord Advisory Team we were able to deliver an outstanding result for our client.”

CBRE and Larraby Land acted for Henderson Global Investors. The Eyre Estate was advised by MMX Retail.

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