Property company clients of ours have purchased a retail investment in Thornbury, South Gloucestershire for £490,000 reflecting a net return of 6.25%. The unit, which is let to Boots until July 2027 at a rent of £32,005 pa, occupies a large site in the centre of the town with the built area extending to 5,325 sq ft over three floors. The acquisition provides significant redevelopment opportunities for the client over the previously land locked site to the rear of their existing ownership immediately adjacent.
Retail Unit Acquisition – Thornbury
Retail Unit Acquisition – Malvern
We have recently completed the acquisition of a prominent retail unit for A Plan Insurance in Church Street, Malvern being a relocation from a smaller branch nearby. The unit, which is situated adjacent to Costa Coffee, opposite Iceland and in close proximity to Fat Face, Halifax, Oxfam and The Works, extends to 2,900 sq ft over two floors. A new 10 year lease was entered into, with a 5 year break, at a commencing rent of £17,000 pa. Andrew Thompson Commercial acted for the landlord in the transaction.
Following her achievement of First Class Honours last April we are delighted to announce that after much hard work and dedication Sarah has passed her APC and has qualified as an RICS Chartered professional.
Sarah said “it has been a really tough 5 years but all the hard work has paid off and I am delighted! I am looking forward to continuing to progress in my career as a fully qualified member of the team”
Michelle Gardner, Head of Property Management said, “Sarah has worked extremely hard during particularly difficult times and we are very proud of her achievement. Her infectious enthusiasm and dedication to her work make her an asset to our property management consultancy.”
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%.
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.
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.
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.
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.
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.