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LONDON- Credit Suisse Property Investment Management has paid £5 million ($7.75 million) for St Mary’s House, 75/ 76 Broad Street, Reading, Berkshire. The price paid reflects a net initial yield of 6.75%, with an equivalent yield of 7.7%. Allied London Properties was the vendor.

The property comprises a mix of retail and office space. Two reversionary retail units are currently let to Pilot and Laura Ashley, together with three floors of offices above let to Reed Personnel, Swindon College and Nine Yards Brand Marketing. There is scope to refurbish and improve part of the offices.

Credit Suisse was advised by Churston Heard and Leslie Perkins acted for the vendor.

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