Barkers, Kensington High Street

The Barkers Centre which comprises some 32,329 sqm (348,000 sqft) was purchased on behalf of a private investor in 1993 for £85m, reflecting a net initial yield of circa 7.7%. The upper floors are all let to Associated Newspapers and through asset management these leases have been converted to an annual indexed basis and the term extended by 10 years. The lower floors include high street retail units and originally a House of Fraser department store. We have recently agreed a part surrender from HoF and a simultaneous assignment to Wholefoods as their flagship UK store.