Lunson Mitchenall successfully advised RO Real Estate on the acquisition of 31-33 East Street Chichester for £3.95m from M&G Real Estate.
This prime mixed-use property consists of two retail units currently let to women’s fashion retailer Gerry Weber and award-winning chocolatier Hotel Chocolat. Covering ground and basement levels, it includes three self-contained residential flats and a maisonette above, which are fully let.
Chichester is an affluent historic cathedral city on the south coast of England and is a popular retail and tourist destination. The city recently reported record visitor figures, with 60,000 people passing through the city during December 2017.
Archie Stead, from Lunson Mitchenall commented: “We are pleased to have been able to advise the RO on the acquisition of this prime retail asset. With no shopping centre, limited out of town supply and constrained development potential due to the towns historic nature, this makes Chichester one of the strongest centres in the UK. This acquisition is an attractive purchase providing a day one discount to prime yields in Chichester along with secure income and medium-term asset management opportunities.
“We are pleased to continue to work alongside M&G after securing this asset from them and disposing of 60-62 High Street, Staines in the previous quarter, which saw us obtain over ten bids all ahead of asking terms.”