Property Company clients of ours have recently completed the development of a roadside scheme at Southern Gateway in Corby by way of a traditional forward funding. Occupying a prominent position adjacent to a Shell PFS and close to a Premier Inn and Beefeater Restaurant, the 4 unit development of 7,800 sq ft on 1.5 acres, is let to occupiers including McDonalds, Costa and Dominos. The total capital commitment reflects a net return of 5.75%. Prop-search.com of Northampton acted for the developer in the transaction.
Roadside Development Forward Funding – Corby
Retail Unit Acquisition, Preston
Acting on behalf of corporate clients we have recently acquired a prime shop unit in Preston, Lancashire. Providing accommodation of 1,325 sq ft over two floors, the unit occupies a prominent corner position at the junction of Fishergate and Butler Street, adjacent to the railway station, in the town centre. A new 10 year lease at an initial rent of £30,000 pa was agreed and the landlord was represented by Cheetham and Mortimer.
Retail Unit Acquisition, Harrogate
To complement their expanding branch network in the North, we have acquired a retail unit in Harrogate for clients of ours. Occupying a prominent position between Fat Face and the Skipton Building Society on Princes St, close to the junction with James St, the recently refurbished property provides 3,450 sq ft or thereabouts over 4 floors. A new 10 year lease has been entered into at an initial rent of £30,000 pa. Brassington Rowan acted for the landlord in the transaction.
Retail Unit Acquisition, Solihull
As a result of growth in their business, Corporate clients have completed the acquisition of a prime shop unit in Poplar Rd, Solihull, which adjoins their existing branch office. The transaction was structured by way of a lease surrender with Melvyn Danes Estate Agents simultaneous with granting our clients a new lease at an initial rent of £36,000 pa.
Retail Unit Acquisition, Altrincham
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.
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.