Edgerley Simpson Howe LLP

S - Skip to Page Content

Recent investment Transaction

Pfizer's Staples diet in Epsom

1st February 2011

CB Richard Ellis Investors, advised by Edgerley Simpson Howe, has purchased the freehold interest in the Staples unit, East Street, Epsom for the Pfizer Pension Fund. The purchase price of £4,700,000 represents a net initial yield of 5.92%. The property comprises a stand alone retail warehouse of 13,762 sq ft situated close to the town centre and fronting the A24 East Street. The lease has a further 10 years unexpired and the passing rent equates to £21.40 per sq ft with the 2010 rent review outstanding. Fund Manager Richard Dean of CBREI comments ‘Epsom is a strong town with a very limited supply of retail warehousing and we believe this is a good opportunity off a sensible base rent and with a favourable planning consent.’ The vendor was a private client represented by Miles Commercial.