HRH Retail, acting on behalf of private investors, has sold a prime retail investment in Lincoln high street for £1.3m, reflecting a net initial yield of 5.5%.

The three-storey unit is let to Next on a 99-year lease with some 50.5 years unexpired. The lease benefits from 10-year rent reviews with the next due in March 2020.

EE occupies the premises on a five-year underlease with some four years unexpired and a rent review in March 2020.

Cooper Rose Real Estate acted for the purchaser, a private client.