THE freehold of one of Darlington's prime retail sites has been sold for £2.35m.

Henderson Global Investors has sold the investment in Pearl Assurance House, in High Row, to private investors.

In a strong position close to The Cornmill Shopping Centre, the property comprises three ground floor retail units, let on long-term leases to Bradford and Bingley, Specsavers and Abbey National, with two storeys of office accommodation above, producing a total annual rental income of £200,925.

Investment property business Colliers CRE acted for Henderson Global Investors.

David Sutcliffe, investment property partner at Colliers said: "This is the first of a number of disposals by our client Henderson Global Investors and represents an excellent investment opportunity within Darlington's prime retail area.

"One of the key elements to this transaction was an agreement with Abbey National to extend their lease by a further ten years, to give an unexpired term of 19 years on a major part of the income."