Fawcett Mead have recently acted on the sale of the Trueman Potfolio to Thackeary Estate on behalf of Columbia Threadneedle.
- A mixed use, high street portfolio, with properties in Liverpool, Peterborough and Reading.
- Price: £2,000,000
The Trueman Portfolio consisted of a Bella Italia, located in Liverpool, a Pizza Express located in Peterborough and a Boots Opticians situated in Reading.
Graham Fawcett commented "Our client was delighted with this off market sale. This sector is having a tough time and we feel this represents an excellent result in the current situation"
Many thanks to Prime Retail who acted for the purchaser.
Leicester : Nuffield Health
Fawcett Mead are delighted to have advised Kennedy Wilson on the disposal of their freehold interest in the Nuffield Health Fitness & Wellbeing Centre in Leicester.
- Let to Nuffield Health on a new 20 year lease with no breaks
- Passing Rent: £365,000, per annum
- Net Initial Yield: 5.6%
- Price: £6,100,000
The property is let to Nuffield Health on a new ‘post-COVID’ 20 year lease, subject to five-yearly rent reviews, linked to CPI. Passing rent of £365,000 per annum.
Joe Baio commented “We are delighted to have advised Kennedy Wilson on the disposal of their freehold interest in the Nuffield Health Fitness & Wellbeing Centre in Leicester, which is let to Nuffield Health on a new ‘post-COVID’ 20 year lease.
We undertook a targeted marketing campaign which yielded a very strong result of £6,100,000, reflecting 5.6% Net Initial Yield. The buyer completing in just 10 working days from agreed Heads of Terms.”
Clifton, Bristol : The Clifton Sausage
Fawcett Mead are delighted to have acted on the acquisition of this rare Clifton Village freehold, on behalf of a syndicated investor.
- Let on a 25 year unbroken lease until November 2039
- Passing Rent: Passing rent of £72,500 pax set at review in November 2019
- Net Initial Yield: 6.53%
- Price: £1,050,000
The restaurant has traded since 2002 and become a local institution. The property includes a flat on the first floor.
Kevin Conibear at Fleurets acted on behalf of the vendor.
Milton Keynes : Roebuck Way
Fawcett Mead have recently acted on the successful disposal of this long leasehold leisure investment in Milton Keynes.
- Let to 360 Play, a childrens soft play centre, until 2029
- Passing Rent: £152,000 per annum (£12.93 psf)
- Net Initial Yield: 7.7%
- Price: £1,840,000
The property is let to 360 Play, a childrens soft play centre, until 2029 (without breaks).
The site comprises 1.2 acres with approximately 75 car parking spaces.
Joe Baio commented, "Following a best bids process, our client was extremely pleased with the exit, which was ahead of the quoting terms."
LSH acted for the purchaser.
Sevenoaks : 3c Dorset Street & 6-10 Bank Street
Fawcett Mead are pleased to have acted on the disposal of this attractive retail and leisure investment in Sevenoaks, on behalf of The Milton Group.
- Freehold investment in affluent London commuter town
- Passing Rent: £99,000 per annum
- Net Initial Yield: 7.9%
- Price: £1,175,000
The property is let to Giggling Squid and two independent occupiers, producing a total rent roll of £99,000 per annum.
The purchase price of £1,175,000, reflecting a net initial yield of 7.9%.
Joe Baio commented: “Having undertaken an extensive asset management programme, our client decided to sell this property, which displayed a WAULT of 13 years. We were pleased to have secured a strong exit for our client."
Camden : 40/42 Parkway
Fawcett Mead are pleased to have sold this prime retail investment in the world famous London suburb of Camden. The property was sold on behalf of an overseas private investor to a private investor client of BNP Paribas.
- Mixed-use investment on one of the main commercial thoroughfares in Camden
- Passing Rent: £130,732 per annum
- Net Initial Yield: 3.20%
- Price: £3,825,000
The sale price of £3,825,000 reflects a net initial yield of 3.20%.
Graham Fawcett commented: "The vendor was delighted with the price achieved for this asset. Secure, London investments remain incredibly popular and this transaction highlighted this."
St Neots : Leisure Park
Acting on behalf of HPPUT, who were advised by Gerald Eve, Fawcett Mead has sold this prime leisure investment to Huntingdonshire District Council. The purchase price of £7,600,000 reflected a NIY of 6.75%. 92% of the income is attributable to Cineworld, Prezzo, Frankie and Bennys, Pizza Express and Britannia Parking, with a WAULT of c.18 years.
- Prime leisure investment in affluent market town
- Passing Rent: £525,547 per annum
- Net Initial Yield: 6.75%
- Price: £7,600,000
Nick Carvey commented: "Despite the challenges with the Prezzo CVA and Frankie & Bennys covenant post marketing, this property attracted a number of competitive bids and we are delighted to have secured a strong exit price for our client. Both parties are very happy with the result."
Huntingdonshire District Council were represented by Clay Street.
Clapham Junction : Shopstop
Fawcett Mead have recently acted on behalf of DTZ Investors on the acquisition of this prime mixed-use investment in the heart of Central London.
- 2.3 acre mixed use site in the heart of Central London
- Price: circa £137,000,000
Shopstop is formed of a site area of 2.3 acres and provides circa 74,500 sq ft of retail, leisure and office accommodation which benefits from being located at the main entrance to Clapham Junction railway station, Europe’s busiest railway interchange, with an estimated annual footfall of c. 31 million.
The property is 100% let to tenants including M&S Simply Food, Sainsbury’s, Monsoon, Superdrug and Fitness First. There is also office accommodation on the upper floors which is occupied by Moss Bros and acts as their UK headquarters. Over 20% of the current income is secured for over 10 years.
It is the first time that this property has been traded in the open market for 18 years. The acquisition of the strategically located 2.3 acre site offers numerous long-term opportunities, including inclusion in the area’s wider development plans, whilst being underwritten by the strong existing tenant line up and income profile.
Jonathan Mills commented: “We are delighted to have secured this acquisition for our client, DTZ Investors, against intense competition. Comprising a 2.3 acre, mixed use site in the heart of Central London, the property offers a multitude of asset management opportunities. The property represented a once in a generation opportunity to secure one of the most exciting repositioning projects in London.”
Romford : 105-111 South Street
Fawcett Mead have recently acted on the sale of this prime long-let leisure investment in Romford, Essex. The property is let to the strong covenant of Stonegate Pub Company Limited until March 2038. The sale price of £3,145,000 reflects a net initial yield of 5.33%. Tom Heptonstall commented: "We are delighted to have secured a strong exit price for our client after a "quiet" marketing campaign. Both parties were very pleased with the result."
- Prime leisure investment in the busy London suburb of Romford
- Passing Rent: £178,000 per annum
- Net Initial Yield: 5.33%
- Price: £3,145,000
Plymouth : Derrys Cross Leisure
Fawcett Mead has recently acted on behalf of Plymouth City Council on the purchase of this freehold city centre leisure investment. The property comprises a Travelodge Hotel, a gym and four restaurants/bars. The purchase price of £17.25 million reflected a NIY of 5.20%.
- Passing Rent: £888,431
- Net Initial Yield: 5.20%
- Price: £17,250,000
The property has a WAULT of 17.45 years and 70% of the income is subject to indexed or fixed rental increases. Richard Bashford commented: “We were very pleased to secure this investment property on behalf of Plymouth City Council on an off market basis”.