10 May 2010

Sale of 98 Kensington High Street

Forsters acts on sale of 98 Kensington High Street 

Forsters has acted for longstanding client, The Trustees of The Phillimore Kensington Estate, on the sale of 98 Kensington High Street for £3.65m reflecting a net initial yield of 3.99%.  This followed the acquisition of an intermediate leasehold interest in the property at the end of 2008 that released significant marriage value for the sale of the freehold interest which had not changed hands for 200 years.

The 3,904 sq ft (362 sq m) property has been purchased by a private Middle Eastern investor and is let in its entirety to shoe manufacturer and retailer C & J Clark International Limited, trading as Clarks, on a full repairing and insuring lease with 41 years left to run.  The passing rent is £154,240 a year.

Forsters commercial property partner Glenn Dunn acted for the Phillimore Trustees and Philip Marsh of Darbys acted for the buyer

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