On behalf of Legal and General’s Property Unit Trust, LSH has advised on the acquisition of 1 - 7 Upper Street and 2 - 10 Liverpool Road in North London. The property was purchased from a private overseas investor for £16,480,000 reflecting a 5.43% net initial yield.
Multi-let corner block of retail units
The 22,969 sq ft property in Islington, comprises a prominent multi-let corner block of five retail units, a banking hall and offices on the upper floors located in a prime position adjacent to the N1 Shopping Centre.
Well-known retail tenants
Tenants within the block include O2, Carphone Warehouse, The Body Shop, Game, Vodafone and NatWest.
Hugh White, Director in the Capital Markets team, commented: “The property provides the fund with exposure to prime Central London high street retail, a sector with excellent rental growth potential together with considerable active management opportunities through lease re-gears."