CHANCERYGATE’S ISLINGTON INVESTMENT SALE ACHIEVES 4.9% YIELD
Chancerygate has sold a 10,225 sq ft mixed-use investment in London’s Islington to a private investor for £5.7m representing a net initial yield of 4.9%.
The property is located on the corner of Islington Green, Camden Walk and Camden Passage and is predominantly let to Barclays Bank and Cluttons along with other speciality retailers associated with the local area. The upper parts comprising nine private residential apartments are all sold off on long leases.
Chancerygate Asset Manager, Simon Barrs, commented: “Having acquired this property as part of a portfolio in 2008 and significantly increased the rental income by 30%, we considered the time was right to take advantage of the current appetite by cash-rich investors looking for good quality stock in central London. This has been reflected in the yield and price paid by the purchaser and we are delighted with the outcome”.
Allsop and Dawtrey Dain advised Chancerygate.