NEWS

Newcastle under Lyme

Drive Thru and Retail Investment Acquisition – Newcastle under Lyme

Pension Fund clients have acquired a recently completed drive thru and retail investment adjacent to the A52 in Talke to the north of Newcastle under Lyme. The development, which comprises 3,260 sq ft in 2 buildings and 38 car spaces on a 0.75 acre site, is let to Costa and Greggs at a combined annual rent of £107,000 pa. At a purchase price of £2m this reflects a net return of 5.2%.

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Retail Park Funding – Nottingham

Pension Fund clients, represented by Mark Atkins Associates, have completed the acquisition, by way of a full forward funding, of a retail park situated adjacent to the A52 in Edwalton, Nottingham. The 6 unit scheme extends to a total of 17,380 sq ft with 109 car spaces on a site of 1.7acres and is let to McDonalds, Costa, Subway, Greggs, Pets Corner and Busy Bees at a combined annual rent of £467,123. The total capital commitment of £8m provides a net return to the funder of 5.51%. The vendor was represented by MacLaren and Partners.

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PFS Investment Acquisition – Bridgend

Private Investor clients of ours have recently acquired a petrol filling station with ancillary convenience store and a stand alone Dominos Pizza unit on Tremains Road, Bridgend. Let to Rochpion Properties, with a guarantee from Co-Op Group Food Ltd, on a lease expiring in June 2027 at a current rent of £108,663 with annual uplifts, the purchase price of £1.425m reflects a net return of 7.2%.

The vendor was represented by Allsop.

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Retail Investment Acquisition – Hereford

Represented by Mark Atkins Associates, a private investor client has recently completed the acquisition of a retail investment in Hereford city centre at a figure of £510,000 reflecting a net return of over 15%. Let to Boots Opticians and The Works with a further 3,800 sq of vacant accommodation above and to the rear with potential for conversion, the property produces a combined annual rent of £81,500.

The vendor was represented by MacLaren and Partners.

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Retail Unit Acquisition – Market Harborough

Occupying a prime position in The Square, Market Harborough, corporate clients of ours have acquired a retail unit of circa 1,450 sq ft over 2 floors as part of their continued expansion. A new 10 year lease, with a tenant break at year 5, was entered into at a commencing rent of £39,500 pa.

Space Retail acted for the landlord.

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Industrial / Trade Counter Unit Acquisition – Malvern

Acting on behalf of a property company client, Mark Atkins Associates have acquired a modern industrial / trade counter unit on the edge of Malvern for £300,000. The property is located on the established Malvern Business Centre and is part of a nine unit trade scheme built in 2007. Occupiers nearby include Screwfix, City Plumbing and Malvern Glass. The property, which comprises a mid terrace unit of 2,905 sq ft, was let post completion to Contract Flooring Solutions Ltd on a 5 year lease at £21,000 pa.

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Retail Unit Acquisition – Stratford upon Avon

Corporate clients have acquired a prominently positioned corner unit on Birmingham Road in the centre of Stratford for a new branch office. Extending to over 1,600 sq ft over 2 floors a new 10 year lease was entered into at a commencing rent of £35,000 pa.

Tim Cox Associates acted for the landlord in the transaction.

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Convenience Store Investment Acquisition – Thornbury

Pension Fund clients have acquired a recently completed convenience store in Badger Rd, Thornbury for £1.08m reflecting a net return of 5.25%. The property, which forms part of a 1,500 unit residential development to the north of the town centre, extends to 3,460 sq ft with 8 on site car spaces. The Co Op have entered into a 25 year lease without break at an initial rent of £56,000 pa. MacLaren and Partners acted for the vendor in the sale.

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