The RO goes shopping in historic Chichester
The RO is pleased to announce that they have completed the purchase of 31-33 East Street, Chichester, for £4 million from M&G Real Estate. The property comprises two prime retail units over ground and basement levels, with three self-contained residential flats and a maisonette above, which are all fully let on assured shorthold tenancies.
This property is located in an extremely desirable prime pitch on the north side of East Street, within Chichester’s pedestrianised retail core. Nearby occupiers include Marks & Spencer, Next, Topshop, H&M, New Look, Clarks and River Island.
The retail element is let to respected high end women’s fashion retailer Gerry Weber and award winning chocolatier Hotel Chocolat. Access to the residential elements of the property is provided via Little London which is home to a number of boutique shops and cafés.
Chichester is a historic cathedral city situated on the south coast of England. The city is a popular retailing and tourist destination and benefits from excellent road and rail communications located adjacent to the A27 dual carriageway and close to the A3(M) and M27 and with a frequent direct train services to London (Victoria). The total population within Chichester’s primary catchment area is 252,000 with an estimated shopping population of 156,000 (PROMIS). During the summer, tourism increases the catchment to over 1.5 million.
This is the RO’s fourth acquisition from a UK institutional fund in 18 months and demonstrates the opportunities available as funds increase their lot size requirements.
David Kershaw, General Manager, RO Real Estate commented:
In a recent report by Knight Frank, Chichester came third behind Cambridge and Bath in a ranking of the top 200 town centres across the UK. Single units comprise the majority of the city’s retail offer, with no shopping centre and limited development potential due to Chichester’s historic nature. This makes 31-33 East Street an extremely attractive purchase for us with a healthy rental yield. This type, and size, of mixed use property within a market town, let to strong blue chip retail tenants with an attractive residential angle is right in the RO’s sweet spot for acquisitions.
Lunson Mitchenall acted for the RO and Lewis Ellis acted for M&G Real Estate.