Canada Life sells Richmond retail investment for £3m

Canada Life Asset Management has completed the sale of a retail property in Richmond-upon-Thames for £3m.

The property, located at 2-6 Hill Street and 2 Red Lion Street, is leased to Waterstones until January 2030 and produces an annual rental income of £172,500.

The asset – which spans a total area of 6,179 sq ft across three floors – was sold at a 20% premium to the £2.5m asking price, reflecting a net initial yield of 5.23%.

Nearby retailers and operators include Søstrene Grene, L.K. Bennett, Wagamama, Pizza Express, ODEON, The Ivy, Five Guys, M&S, Barclays, and Zizzis.

The property is also situated opposite Sheen Lane’s 90,000 sq ft mixed-use redevelopment of the former House of Fraser department store.

TW Keil advised Canada Life Asset Management on the sale.