Acting on behalf of corporate clients we have recently acquired a prime shop unit in Altrincham, Greater Manchester. Extending to a ground floor sales area of over 3,000 sq ft, the unit occupies a prominent, corner position at the junction of Stamford New Rd and Cross Street in the town centre. The transaction was structured by way of a lease surrender with Dawsons Music simultaneous with granting our clients a new 10 year lease at an initial rent of £55,000 pa.
Retail Unit Acquisition, Altrincham
Convenience Store Investment Acquisition, Boston
Pension Fund clients of ours have acquired a recently completed convenience store investment in Boston, Lincolnshire at £900,000 reflecting a net return of 5.52%. The property comprises a detached supermarket of 3,000 sq ft with 12 on site car spaces which is let on a new 15 year lease to the Co-Op, without break, at a current rent of £52,500 pa. AHBN acted for the vendor.
Drive Thru Investment Acquisition, Westgate Business Park, Abergavenny
We have recently completed the acquisition of this drive thru investment for property company clients at a figure of £1.2m reflecting a net return of 5.15%. Situated adjacent to the A465 Heads Of The Valley Road, on a small business park with other occupiers including McDonalds, Premier Inn and Brewers Fayre, the 1,830 sq ft unit is let to Costa Ltd, without break, for 15 years at a current rent of £65,500 pa. JLL acted for the vendor.
Retail Investment Acquisition, Worcester
Property company clients of ours have completed the acquisition of this retail investment in the centre of Worcester. The property, which extends to 1,260 sq ft over 4 floors, is let to A Plan Insurance on a lease expiring in September 2023. The purchase reflects a net return of over 6.5% to the investor. Fisher German acted for the vendor.
Office Acquisition, Worcester
Corporate clients have recently acquired a suite of offices extending to 1,260 sq ft on the second floor of 1 St Swithins Street in the centre of Worcester. A lease for a term of 10 years, with a break at year 5, has been entered into at a rent of £8,000 pa. Fisher German acted for the landlord in the transaction.
Convenience Store Investments Acquisition, Sutton in Ashfield and Dudley
Family Trust clients have completed the acquisition of two convenience store investments in Sutton in Ashfield and Dudley. Both units have recently been let to the Co-Op for 15 years, without break, at a combined rental income of £121,520 pa. The purchase price of £2.23m reflects a blended initial yield of 5.2% which will rise through five yearly fixed rental uplifts. AHBN acted for the vendor in the transaction.’
Retail Unit Acquisition, Lichfield
To complement their expanding branch network in the Midlands, we have acquired a retail unit in Lichfield for clients of ours. Occupying a prominent position on Bore St, the recently refurbished branch will provide 2,133 sq ft or thereabouts over 2 floors. A new 10 year lease has been entered into at an initial rent of £45,000 pa. Savills acted for the landlord in the transaction.
Industrial Investment Acquisition, Coombswood Business Park, Halesowen
Property Company clients have recently completed the acquisition of this industrial / warehouse investment on the busy Coombswood Business Park in Halesowen. The modern property, which extends to 7,162 sq ft or thereabouts, is occupied by Samworth Brothers Ltd on a lease expiring in April 2022 at a current rent of £48,085 pa. The purchase price of £805,000 reflects a net return of 5.7%. FSP acted for the vendor.
Motor Trade Investment Acquisition Adcock Rd, Coalville.
We have recently acquired this roadside investment in Coalville, Leicestershire on behalf of family trust clients at a figure of £1.2m reflecting 5.11% net. The modern property, which extends to approximately 8,000 sq ft with extensive on site car parking facilities, occupies a prominent position on the northern outskirts of the town close to occupiers including McDonalds, Halfords, Aldi, KFC, Lidl and Screwfix amongst others. Formula One Autocentres recently entered into a 15 year FRI lease at an initial rental of £65,000 pa. FSP acted for the vendor.