Acting on behalf of family trust clients we have completed the letting of a detached 22,500 sq ft warehouse with ancillary offices on Wainwright Rd in Warndon, Worcester. Ralph Davies International have entered into a new 9 year lease at an initial rent of £95,000 pa.
Warehouse Letting, Worcester.
Doctors Surgery Investment Sale, Birmingham.
We have recently completed the sale of a doctors surgery investment in Perry Barr, Birmingham at a figure of £450,000 reflecting a net initial yield of 8%. The 4,120 sq ft detached building is let on an internal repairing lease to the Modality Partnership for 15 years, with 5 yearly breaks, from January 2017 at a current rent of £37,050 pa. The purchaser was represented by Harris Lamb.
Supermarket Investment Acquisition, Widnes.
Property Company clients of ours have recently completed the acquisition of a convenience store in Widnes at a figure of 615,000 reflecting a net initial yield of 6.25%. The property, which extends to 3,725 sq ft with on site car parking, is let to Martin McColl Ltd for 16.5 years from May 2017 at an initial rent of £40,000 pa with fixed rental uplifts throughout the lease. Savoy Stewart represented the vendor.
Industrial Investment Acquisition, Ludlow.
Acting on behalf of a private investor we have acquired the Royal Mail Sorting office on Lingen Rd in Ludlow for an undisclosed sum. The property, which comprises a detached light industrial unit extending to 6,250 sq ft or thereabouts together with extensive yardage, is situated on Ludlow Business Park close to the A49 trunk road. The lease is for 10 years from March 2015 at a current rent of £25,000 pa.
Industrial Investment Acquisition, Oswestry.
Property Company clients of ours have recently completed the purchase of an industrial estate investment in the market town of Oswestry. The modern estate, which extends to 25,560 sq ft over 15 units together with some development land, occupies an excellent location in the principal employment area of the town. A purchase price of £1,450,000 was paid.
Retail Unit Acquisition, Yeovil.
Acting on behalf of corporate clients we have recently completed the acquisition of a retail unit in Yeovil as part of their ongoing expansion plans. The unit, which extends to over 4,000 sq ft on two floors, occupies a prominent position on Silver Street close to occupiers such as HSBC, M&S, H Samuel, Game and WH Smith amongst others. RMW Knight acted for the landlord.
Supermarket and Car Park Investment Acquisition, Bromsgrove.
Acting on behalf of a property company client we have acquired, by way of a forward funding, a new Waitrose supermarket and Council car park in Bromsgrove town centre. Construction on the new 9,250 sq ft supermarket and 86 space car park will complete shortly with an anticipated store opening date of May 1st 2017. The supermarket is let to Waitrose Ltd and the car park to Bromsgrove District Council. Both leases are for 15 years with 5 yearly reviews to compounded CPI collared at 1% and capped at 3% per annum. The total income is £190,240 per annum.The development was acquired for £3,600,000 which reflected a net initial yield of 5.15%. FSP acted for the developer, Hinton Properties.
Retail Warehouse Investment Acquisition, Oswestry.
Acting on behalf of pension fund clients we have acquired a recently completed retail warehouse unit at a figure of £1,025,000 reflecting 6.1% net. The 8,000 sq ft unit is located on the popular Oswestry Gateway Business Park where major occupiers include Premier Inn, KFC, Starbucks and Skyjack UK amongst others. Countrywide Farmers Plc occupy the property on a new 15 year lease at a rent of £66,000 pa. Savills acted for the developer.
Retail Unit Acquisition, Northampton.
Acting on behalf of corporate clients we have recently acquired a retail unit in Northampton as part of their ongoing expansion plans. The property, which extends to 2,700 sq or thereabouts over two floors, occupies a dominant position at the junction of Abington St and Dychurch Lane in the town centre. Nearby occupiers include River Island, Caffe Nero, Coventry Building Society, Carphone Warehouse and JD Sports, amongst others. Green and Partners acted for the Landlord.