Marchmont sells Pret A Manger unit to UK Fund Institution

Marchmont sells prime Tunbridge Wells shop to CBRE Global Investors.

Marchmont Investment Management, the private real estate investment manager, announces the sale of a retail parade on Mount Pleasant Road, Tunbridge Wells to CBRE Global Investors for £3.775 million. The retail parade incorporates two prominent retail units let to Pret A Manger and Specsavers occupying a corner position opposite the prime pedestrianised retailing pitch. The property was acquired by Marchmont in November 2011 for £2.843 million and during the hold period secured a 15 year lease to Pret A Manger.

Tim Lumsdon, Director of Marchmont commented, “We took the opportunity to capitalise on strong demand in the market for secure retail income, after securing a long term lease to the strong covenant of Pret A Manger and settling the rent review with Specsavers.”