Legal & General purchases 51/53 Clarence Street, Kingston

Legal & General on behalf of their Linked Pensions Fund have purchased 51/53 Clarence Street, Kingston from British Land for £16,050,000. The sale price reflects a net initial yield of 3.92%.

The property is located in a prime retail location and is let to Monsoon Accessorize Ltd until 2010 and H Samuel Limited until 2014.

Duncan Miller, Associate Director commented,“Given the strength of Kingston as a retail destination, demand for prominent units such as 51/53 Clarence Street will continue to drive rental growth. This purchase is in line with our current strategy to invest in prime retail locations. Other target acquisitions for 2007 include retail warehouse schemes, Offices West End and Big 6 and multi-let Industrial in the South East with target lot sizes of between £20m to £70m.”

Jackson Criss advised L& G; Colliers CRE advised British Land.