Farm Street fills its Boots just in time for Christmas

DTZ Investors has sold 326-334 Chiswick High Road, London to Farm Street Capital. The property is a mixed-use, multi-let building comprising two retail units and nine flats. The property is situated in Chiswick, in proximity to Chiswick Park Underground Station and Turnham Green Underground Station. The retail units are let to Robert Dyas and Boots, with an unexpired lease term of two years to expiries. The upper parts have been converted to residential and are let on ASTs.

 The property was sold for £11.6m, reflecting a net initial yield of 6.00% and a capital value of £463 per sq ft.

Oliver Taylor, Director at Farm Street Capital, added:

“Having recently joined Farm Street, the purchase of this property marked a great end to the year, and clearly aligns with our approach to purchase prime, well-located assets on short leases. Both tenants had been in occupation for 20 years plus and with more people embracing the amenities and essential retail in their local area over the past year, we realised the potential for this town-centre asset, both in the near- and long-term. We recognise the opportunities in retail right now and are continuing to explore opportunities to acquire well-located assets throughout the UK – both in retail and elsewhere.”