Hermes completes sale of prime Richmond retail and office asset
Hermes Real Estate Investment Management Limited (HREIML) has completed the sale of 68/70 George Street & Shearwater House, Richmond to a private family trust for close to £12.6m, reflecting a net initial yield of approximately 4.55 per cent.
The property comprises a 100 per cent prime retail unit fronting George Street, totalling 8,086 sq ft of retail accommodation, which is let to River Island on a lease due to expire in August 2023.
The property also includes 8,985 sq ft of prime office accommodation arranged over the ground and upper three floors. The self-contained offices are accessed from The Green and let to The Orange Square Company Ltd, Scientific Data Analysis Ltd and CDMS Ltd.
The total floor area of the property is 17,071 sq ft.
Chris Taylor, chief executive of Hermes Real Estate Investment Management Limited, said:
“With substantial growth in office and retail values in the Richmond area since we purchased the property in the early 1990s and particularly over the past year, we took the decision to capitalise on our investment. As a result we have generated a strong 12 month total return.”
Jackson Criss represented HREIML, while Fawcett Mead acted on behalf of the purchaser.