Strutt & Parker’s High Street Retail Investment team has seen a positive flurry of retail acquisition and disposal activity in the past quarter. Deals totalling a transaction value of circa £50 million have been completed details of which are outlined below.

• Haymarket Towers, Leicester purchased by Scottish Widows for their Property Trust from Invista Real Estate Management for £26.23 million, reflecting a net initial yield of 8.79%.

Tenants include Barclays Bank, Marks & Spencer, New Look, JJB, Field & Trek and Superdrug held on leases expiring between 2012 and 2036. The parade totals 88,000 sq ft of retail accommodation and produces an annual income of £2,410,000 per annum.

Vendor: Invista Real Estate Management, advised by CBRE

Purchaser: Scottish Widows, advised by Strutt & Parker

• 1/6 Albion Street and 51/43 East Street and 4-6 Albion Street, Derby sold to Gaia Property Investments on behalf of Aviva Investors for £10 million, reflecting a net initial yield of 10%.

Tenants include Dorsman Estates trading as Peacocks, Goldsmiths, Bay Trading, HMV, Birthdays and Orange on leases expiring between 2014 and 2019. The retail space totals 21,091 sq ft and produces a rental income of £1.32 million per annum.

Vendor: Aviva Investors, advised by Strutt & Parker

Purchaser: Gaia Property Investments, advised by CBRE

• 82-84 St Anns Road, Harrow sold to Flowdrive on behalf of Aviva Investors, for £4.6m reflecting a net initial yield of 8.40%.

No. 82 extends to 10,127 sq ft and is let to Mothercare on a lease expiring in 2013. No. 84, extending to 4,360 sq ft is let to Tchibo on a lease expiring in 2017. The total income from both units is £412,000 per annum.

Vendor: Aviva Investors, advised by Strutt & Parker

Purchaser: Flowdrive, advised by Ereira Mendoza & Co

• 2-6 James Street and 15 Station Square, Harrogate purchased on behalf of a private client from Credit Suisse for £3.90 million, reflecting a net initial yield of 6.00%.

Tenants include Gap, Cath Kidston and Azendi on leases expiring between 2012 and 2018. The property extends to 9,325 sq ft and produces a rental income of £247,500 per annum.

Vendor: Credit Suisse, advised by Allsop

Purchaser: Private Client, advised by Strutt & Parker and Christopher Dee & Co

• 17 Market Place, Kingston upon Thames purchased on behalf private investor for £1.16 million, reflecting a net initial yield of 6.50%.

The property comprises 2,000 sq ft of retail accommodation and is let to Comptoir des Cotonniers for a further 10 years at an annual rent of £80,000 per annum.

Vendor: Private client, advised by Michael Elliott

Purchaser: Private client, advised by Strutt & Parker

Mike Rowlands, Strutt & Parker’s new Head of Retail Investment, comments:

“Nick Stewart and Scott Mitchell are a well established team in the high street investment market. The variety of lot sizes that they have transacted demonstrates a comprehensive exposure to various investors and an ability to deliver at all levels. Q4 2009 should once again be active in this sector and I have every confidence the deals will continue to flow.”

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