To complement their expanding branch network in East Anglia, we have acquired a retail unit in Norwich for clients of ours. Occupying a prominent position on the corner of St Stephens St and Surrey St, the recently refurbished branch will provide 2,600 sq ft or thereabouts on 2 floors. A new 10 year lease has been entered into at an initial rent of £53,500 pa. Roche Retail acted for the landlord, Aviva, in the transaction.
Retail Unit Acquisition, Norwich.
Retail Investment Acquisition in Hereford.
Property Company clients of ours have recently completed the acquisition of a retail investment in Hereford at a figure of £440,000 reflecting a net yield of 6.5%.
The unit, which occupies a prominent position on Broad St and extends to 2,700 sq ft or thereabouts, is let to A Plan Insurance on a lease expiring in November 2027 at a current rent of £29,900 pa.
Retail Unit Acquisition in Shirley.
Due to a programme of continued expansion we have acquired on behalf Corporate clients a retail unit adjacent to an existing facility in Stratford Rd Shirley. The new unit extends to circa 700 sq ft which, once merged with the current branch, will provide a total ground floor sales area of 2,100 sq ft or thereabouts. In tandem, we have agreed a regear of the existing lease.
Industrial Investment Sale in Saltash.
Acting on behalf of property company clients we have sold the freehold interest in this property to a local private investor for £1.825m.
The modern industrial unit extends to 27,300 sq ft or thereabouts on a site of circa 2 acres and is occupied by Righton Ltd on a lease expiring in June 2025 at a current rent of £141,000 pa rising to £163,000 pa in January 2020. The purchaser was represented by Sanderson Weatherall in Bristol.
Office Investment Acquisition in Stoke.
Property Company clients have recently completed the purchase of an office investment in Stoke, from clients of Harris Lamb, at a figure of £1.52m. The modern, two storey building, which is situated in Trentham Lakes South, extends to 13,000 sq ft or thereabout together with 57 car spaces. North Staffordshire Combined Healthcare NHS Trust occupy the property as their headquarters on a lease which expires in August 2022.
Bank Investment Disposal, Pershore.
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%.
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.