A city centre retail and residential block has been sold for £12.4 million.

DTZ Investors has acquired 'Caxton Gate' at the corner of New Street and Cannon Street from Lasalle Investment Management.

The property comprises six retail units covering 32,284 sq ft with 24 residential apartments on the second and third floors.

The property is grade II listed with a Victorian façade and is let to Muji, Charles Tyrwhitt, White Stuff, Bravissimo and Jigsaw.

 

The sixth unit is currently under offer to a national retailer, according to DTZ Investors.

The total income is £790,000 per year, rising to £890,000 on completion of the new letting.

Mark Sealey, a director with DTZ Investors, said: "The acquisition is in accordance with the fund's strategy and has enabled the client to gain exposure to a strong major UK city and supports a strategy of investing into multi-let assets in large urban environments."

Franck-Steier Price and JLL acted on the deal.