Property Company clients have sold the Lloyds Bank in Pershore to a private investor for whom Harris Lamb acted. The unit, which is situated in Broad St in the town centre, comprises approximately 2,400 sq ft on the ground floor together with two independently accessed flats on two floors over. Let to Lloyds Bank on a lease with circa 4 years remaining at a current rent of £24,000 pa, the investment was purchased at a figure of £361,000 pa reflecting a net yield of 6.4%.
Bank Investment Disposal, Pershore.
Office Investment Acquisition, Kidderminster.
Acting on behalf of Property Company clients we have recently completed the acquisition of an office investment in Church St, Kidderminster. The fully refurbished building, which extends to over 4,000 sq ft on basement, ground and two upper floors, is let on an new 10 year lease to Talbots Solicitors at a commencing rental of £32,000 pa. The vendor was represented by Fisher German.
Retail Unit Acquisition, Loughborough.
Acting on behalf of Corporate clients we have acquired a retail unit in Cattlemarket, Loughborough as part of their ongoing expansion plans.
The unit, which extends to circa 3,000 sq ft over ground floor and basement, occupies a prominent corner position at the junction of Cattlemarket and Granby Street close to the town centre. A new lease for 10 years has been acquired at a commencing rental of £48,000 pa. The landlord was represented by Space Retail Property Consultants.
Industrial Investment Disposal, Malvern.
Acting on behalf of Property Company clients we have completed the sale of Unit 6 Malvern Business Centre on Enigma Park. The unit, which extend to a gross internal area of 2,970 sq ft, is let to City Plumbing Supplies Holdings Ltd on a new 10 year lease at a rent of £21,530 per annum. The purchase price reflects a net return to the investor in the order of 5.8%. FSP represented the purchaser.
Office Acquisition, Worcester.
Acting on behalf of Corporate clients we have completed the acquisition of a suite of offices in Blackpole, Worcester.
Situated at Birch Court, a refurbished suite of offices extending to 2,400 sq ft or thereabouts together with 11 car spaces have been acquired on a new lease for a period of 10 years at a commencing rental of £33,000 pa. The landlord, Landsdowne Rodway Estates, was represented by TLG Commercial.
District Centre Investment Acquisition, Monmouth.
Property Company clients have completed the acquisition of Monmouth District Centre in Rockfield Rd, Monmouth from Henry Boot Developments at a figure of £2.16m. The property comprises 4 units extending to 8,250 sq ft with 34 on site car parking spaces and occupiers include Co Op, Vets 4 Pets and Grey Beard Ltd. Fletcher Morgan acted for the developer.
Warehouse Letting, Worcester.
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.
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.