York retail block sold in multi-million pound deal

LASALLE Investment Management has sold a prime retail block in York for over £20m.

The firm, represented by Savills, has sold 1-5 Davygate and 3 Little Stonegate, York to DTZ Investment Management for £20.615m, representing a net initial yield of 5.25%.

Located in the retail pitch of Davygate, the retail parade of four shops and a leisure unit total circa 39,990 sq ft and is let to Superdry, Karen Millen, French Connection, Sports Direct and ARC Inspirations.

Richard Debney, regional director at LaSalle Investment Management, said: “The sale of this prime property is part of our wider strategy to recycle investment into further higher return seeking opportunities, including assets in alternative sectors.”

Simon Lister, director of investment at Savills, added: “We were able to capitalise on the lack of supply of similar product in the market and the keen price achieved reflects the appeal of this property and the strong demand, especially from institutional funds.”

DTZ Investment Management was represented by CBRE.