Lothbury completes sale of Guildford retail property in £6m deal
Lothbury Property Trust has sold its long term holding at 115 High Street, Guildford to Threadneedle UK PAIF for £6m.
Based in London, Lothbury completed the sale as part of its aim to selectively reduce the fund’s exposure to high street retail.
The price tag of £6m reflects a net initial yield of 4.45%.
115 High Street, Guildford, which is in the centre of the town’s main shopping area, was purchased by Lothbury Property Trust in August 2010.
The building is currently let to LK Bennet until February 2026, with a tenant’s break clause in February 2021.
Mike Toft, Senior Fund Manager and Executive Director of Lothbury Investment Management, said: “The sale of this holding demonstrates the liquidity of the Fund’s prime retail assets.
“Our decision to dispose of this asset reflects our current strategy of reducing the Fund’s exposure to retail.”
The unit was previously let to Phones4U and is configured over basement, ground, first and second floors. LK Bennett trade from the ground floor only, which extends to 1,858 sq ft.
KLM Retail acted for Lothbury; Fawcett Mead acted for Threadneedle.