Guildford House of Fraser sold for £31.5m
30 Mar, 2009, Guildford, UK
The House of Fraser store in Guildford, Surrey has been sold by BL Fraser to Canada Life for £31,500,000, representing a net yield of 8.0%. BL Fraser is a joint venture between British Land and House of Fraser, which is advised by agents Cushman & Wakefield. Canada Life was represented by joint agents CBRE and Gerald Eve.
The 186,000 sq ft flagship department store generates an annual rent of £2,665,000 per annum on a lease due to expire in 2039.
Charlie Barke, partner, Cushman & Wakefield, said: “This sale generated significant interest from a range of investors including institutions, private investors and potential future occupiers. It's not often an asset of this quality comes up and so despite the volatile market we were able to arrange a good sale to a cash buyer. Our attentions now turn to other selected sales to be launched by the same vendor in the near future”.