We acquired the freehold interest of a local shopping centre, purpose built in 2004 and comprising a convenience store let to One Stop, a hairdresser, a Chinese takeaway and an Indian restaurant for an investor client. The investment was acquired at a price of £950,000, reflecting a net initial yield of 8.35%. The leases all have in excess of 10 years left unexpired. We have been retained to manage the property.
We advised the owner on the sale of a 30,000 sqft refurbished, first generation retail warehouse and garden centre and 200 space car park which we initially let to The Range. This occupied a 2.1 acre site opposite the Victoria Plaza shopping centre, in a prominent, edge of town centre location. Following a targeted marketing campaign, we engaged with and sold to Aviva Investors for just under £4 million reflecting a net initial yield of 7.35%.
We advised on the sale of a Range and McDonalds let retail park scheme (producing a rent over £500,000 per annum). Following full exposure marketing, the investment opportunity was sold to VALAD for just over £7 million, reflecting a healthy 7.65% initial yield.
We undertook a positive asset management exercise to let a largely vacant 10 industrial unit scheme in a strong East Midlands town. Acting for a corporate client, we disposed of this fully let secondary industrial investment achieving a sale of circa £1 million, equating to 8.77% NIY.
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