A fund managed by Chancerygate and advised by KLM Retail has sold the freehold investment of a retail property at 12-26 The Broadway, Crawley sold for £5.5m to private clients of Cluttons.
The 55,000 sq ft three-storey property located on The Broadway in Crawley has been let to Wilkinsons Retail since January 2012, on a 15-year lease at a rent of £420k a year. The sale reflects a net initial yield of 7.22%
The investment has a relatively low passing rent, whilst the upper floors have potential for reconfiguration for alternative use, subject to planning.
KLM Retail Partner Mark Bennett said: “There was a high level of interest in the property from investors, illustrating that there is still strong demand for well let property with angles for alternative use.”