Ferndown & Haslemere : M&S Portfolio
Acting on behalf of LondonMetric, Fawcett Mead have sold the freehold interest in two foodstores let to Marks & Spencer PLC. Both properties offer index linked rent reviews and provide a WAULT of 15 years.
- Portfolio of two M&S food stores in Ferndown and Haslemere
- Net Initial Yield: 4.00%
- Price: £14,860,000
Jonathan Mills commented "We are pleased to have completed on this off market sale to a local authority purchaser, which demonstrates the continued appetite for foodstore investment opportunities, particularly those that offer some form of indexation.”
Salisbury : Busy Bees
Fawcett Mead has sold the long leasehold interest in this nursery investment on behalf of a private vendor.
- Prime Long Let Day Nursery Investment
- Passing Rent: £114,136 per annum
- Net Initial Yield: 5.17%
- Price: £2,075,000
The property is let to Busy Bees on a FRI lease that expires on 23 June 2038, at a current passing rent of £114,136 per annum, which is subject to fixed rental uplifts.
The purchase price was £2,075,000, which reflected a NIY of 5.17%.
Urmston : Eden Square Shopping Centre
Acting on behalf of Columbia Threadneedle, Fawcett Mead has sold the long leasehold interests in this suburban shopping centre for circa £9.75m to Sheet Anchor Investments, who were represented by JLL
- Neighbourhood Shopping Centre Investment comprising 66,000 sq ft of retail accommodation and a 500 space car park
- Price: Circa £9,750,000
This is a modern, open centre, that occupies a site of approximately 5.50 acres and includes a 500 space car park. The tenants are mostly food, discount or convenience retailers and include: Aldi, Boots, Iceland, Card Factory, Costa Coffee, Anytime Fitness and Greggs.
Richard Bashford commented – “Retail investments such as this remain in high demand due to the nature and variety of the occupiers. The property has proved to be resilient during the covid pandemic, with many of the tenants remaining open, and we felt it offered a purchaser a number of asset management opportunities.”
Swindon : Taw Hill
Fawcett Mead are pleased to have advised Savills Investment Management on the sale of this convenience parade in Swindon.
- Neighbourhood Convenience Parade Investment Secured to Co-Op for a further 17.2 years with RPI linked uplifts.
- Passing Rent: £196,996
- Net Initial Yield: 5.46%
- Price: £3,390,000
The subject property is let to The Midcounties Co-Operative Limited on Full Repairing and Insuring terms for a period of 25 years commencing on 19th December 2012. The rent is subject to five-yearly rent reviews linked to RPI with a collar of 2.00% and a cap at 3.25%.
Graham Fawcett commented "The sale of this property went through incredibly quickly together with Bicester to a reliable and efficient purchaser. Both parties were delighted with the result."
Bicester : Bure Park
Fawcett Mead are pleased to have advised Savills Investment Management on the disposal of the Bure Park convenience parade.
- Neighbourhood Convenience Parade Investment Secured to Co-Op.
- Passing Rent: £108,298
- Net Initial Yield: 5.48%
- Price: £1,860,000
The convenience parade is let to Midcounties Co-Operative Limited with annual uplifts until 2037. The rent is subject to five-yearly rent reviews linked to RPI with a collar of 2.00% and a cap at 3.25% applied annually.
Graham Fawcett commented "The sale of this property went through incredibly quickly together with Swindon to a reliable and efficient purchaser. Both parties were delighted with the result."
Taunton : Bindon Road
Fawcett Mead are delighted to have advised Savills Investment Management on the sale of this retail warehouse.
- Secured to Matalan Retail Limited with 10.4 years unexpired
- Passing Rent: £175,185
- Net Initial Yield: 7%
- Price: £2,350,000
The subject property is let to Matalan Retail Limited with an unexpired lease term of 10.4 years. The property comprises a 1.52 acre site reflecting a low 25% site coverage and benefits from rare open A1 planning use.
Graham Fawcett commented "We are thrilled to have completed on this sale which completed during lockdown. Our client is delighted with the result".
Houghton Le Spring : 1-4 Rainton Bridge Industrial
Fawcett Mead have recently acted on the sale of the freehold interest of 1-4 Rainton Bridge Industrial Estate, Houghton Le Spring, on behalf of a private client.
- A highly attractive industrial unit, let to Howdens and Screwfix.
- Passing Rent: £88,550
- Net Initial Yield: 5.75%
- Price: £1,450,000
The property is let to Howdens Joinery limited Screwfix Direct Limited.
Graham Fawcett commented "We are very pleased have advised our client on the disposal of their freehold interest in this asset at a strong exit price."
Many thanks to MHPI who acted on behalf of the purchaser.
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.
Fawcett Mead Letting Availability 2020
Plymouth : Units A, B & C Coypool Retail Park
Fawcett Mead has recently acted on behalf of an institutional investor on the acquisition of this retail warehouse investment in Plymouth, comprising 39,545 sq ft of internal floorspace.
- Three retail warehouse units, let to B&M Retail, Harveys and Bensons for Beds
- Passing Rent: £545,000 per annum
- Net Initial Yield: 8.81%
- Price: £5,800,000
The units are let to B&M Retail, Harveys and Bensons for Beds with a WAULT of 7.50 years.
The purchase price of £5,800,000 reflects a net initial yield of 8.81%.
Richard Bashford commented: "This investment offered a high initial yield and a relatively low capital value per sq ft plus opportunities for asset management. It is likely to benefit from the redevelopment of the china clay site nearby where there are proposals for a major residential development."
Swindon : Cavendish Square
Acting on behalf of CBRE Global Investors, Fawcett Mead has sold this retail investment to Swindon Borough Council. The purchase price of £3,127,000 reflected a NIY of 6%. The property is let to Mid Counties Co-op and Lloyds Pharmacy with a WAULT of 14 years.
- Freehold supermarket and pharmacy investment
- Passing Rent: £199,800 per annum
- Net Initial Yield: 6.0%
- Price: £3,127,000
Richard Bashford commented: "This property is located in a densely populated busy residential suburb and occupies a large site area. It attracted a strong level of interest and competitive bidding".
Swindon Borough Council was represented by Hartnell Taylor Cook.
Open Market Letting
Doncaster : Spotborough Retail Park
- Fawcett Mead are pleased to complete a new 10 year lease to Screwfix, on behalf of Atmore Group.