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Charity Buys Canterbury Retail Park

LONDON-A charity which has been investing in property since the 16th Century has made its first-ever purchase outside London, with the pounds 11 million acquisition of the Wincheap Retail Park in Canterbury, Kent.

By Graham Parker | Updated on July 01, 2003

LONDON-The John Lyons Charity, which dates back to 1578, has made its first commercial property acquisition outside its original estate in St John’s Wood, north London following a decision to diversify its asset base. The fund has paid Henderson Global Investors, on behalf of AMP London Life, £11,087,500 ($18.4 million) for the freehold interest in the Wincheap Retail Park, Canterbury, Kent. The sale price reflects 5.3% yield.

The 35,594-sf retail park was constructed in 1996, next to a Safeway Superstore. It is let to Mothercare; Boots the Chemist; Halfords and Time Computers with rents on the main retail warehouse units ranging from £17.50 ($29) to £18.22 ($30) per sf. Total income is currently £621,320 ($1.03 million) per annum.

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