Kames Capital acquires prime Chelmsford block

17th February 2016

Kames Capital acquires prime Chelmsford block

Kames Capital, on behalf of the Aegon UK Property Fund and advised by Kitchen La Frenais Morgan (KLM), has acquired 68-71 High Street, a 100% prime multi-let retail parade for £8.5 million which reflects a net initial yield of 5%.

68-71 High Street is located at the heart of Chelmsford’s City Centre next to Marks & Spencer and opposite Debenhams. The parade includes tenants such as Carphone Warehouse, Clintons and Claire’s Accessories and has a WAULT to lease expiry of 7.25 years.

Fund Manager Sarah Cockburn commented: “The purchase of this prime multi-let parade in Chelmsford meets with our requirement to invest in liquid assets within strong retail centres. The imminent arrival of John Lewis will provide a boost for the City and the rental growth prospects for the property.”

The vendor M&G was advised by JLL.

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