UK Investments:Belfast-based Deramore Property Group has bought a high street parade at 48-76 St John's Road in Clapham, south London, for €37 million (£25.5 million) at a net initial yield of 4 per cent, from Prudential Assurance.
"Deramore are an up-and-coming property company, there is a huge amount of retail space involved and the tenants are household names," said Simon Chadowitz, commercial manager, Mishcon de Reya, which acted for Deramore.
The well-positioned retail property at Clapham Junction, is arranged in two adjacent parades and comprises 3,308sq m (35,606sq ft) of predominantly retail, with ancillary office and residential accommodation. The property is made up of 16 occupational tenants, including Woolwich, New Look, Ottakars, Ryman's, Claire's Accessories, National Westminster Bank, British Heart Foundation and Barclays Bank and generates a current annual rental income of €1.6 million (£1,086,490).
"This is a great investment opportunity that is extremely well positioned within the retail thoroughfare of Clapham Junction, in what has rapidly become one of the most affluent areas in London," said Scott Mitchell, of solicitors Strutt & Parker's Retail High Street Investment Team.
Deramore has been very active over the last couple of years in the commercial property market in Britain. Last month the company sold a portfolio of multi-let industrial estates to a joint venture between Kenmore Property Group and Adam & Co for €15 million (£10.2 million).
In 2006 Deramore purchased 130-140 Buchanan Street, Glasgow, for over €17 million (£11.5 million). Buchanan Street is Glasgow's premier shopping street and second only to London in the UK retail listing.
In 2005 Queen's Square, Crawley was purchased for €9.6 million (£6.5 million) reflecting a net initial yield of sub 5 per cent. New Look Retailers Ltd occupies the entire property on a 20-year lease.
Numbers 32-33 Petty Cury, Cambridge was purchased for €7.35 million (£5 million) in 2004. This sale reflected a net initial yield of sub 5 per cent on settlement of an outstanding rent review.
