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.
Okehampton : Co-op, Market Street
Fawcett Mead has recently advised on a lease re-gear and subsequent investment sale of this supermarket investment, which was let to Co-op for a term of 10 years. The property was sold on behalf of Kennedy Wilson to West Devon District Council, and the price of £3,365,000 reflected a NIY of 6%. Savills advised West Devon District Council.
- Passing Rent: £215,000
- Net Initial Yield: 6.0%
- Price: £3,365,000
Richard Bashford commented: “After working with the occupational tenant to re-gear the lease and complete their asset management plan, our client was very pleased with the price achieved on this investment sale."
Whitstable : Unit 1, 134 Cromwell Road
Fawcett Mead are pleased to have acted on the sale of this prime retail investment in Whitstable. The property is let to the Southern Co-Operative Ltd on a new 15 year lease without breaks. A sale price of £1,400,000 reflects a net initial yield of 5.38%.
- Let to the Southern Co-Operative Ltd on a new 15 year lease
- Passing Rent: £80,000 per annum
- Net Initial Yield: 5.38%
- Price: £1,400,000
Cheshire Oaks : Cheshire Oaks Leisure Park
Fawcett Mead are delighted to have acted on the sale of Cheshire Oaks Leisure Park on behalf of Lateral Property. The well-let leisure park is located in a prominent gateway site adjacent to the entrance of Cheshire Oaks Designer Outlet. The property provides a WAULT of 17 years and tenants include KFC, TGI Fridays and Costa Coffee. A purchase price of £6,630,000 reflects a net initial yield of 5.25%, assuming purchasers costs of 6.64%.
- Prime out-of-town leisure opportunity
- Passing Rent: £371,931 per annum
- Net Initial Yield: 5.25%
- Price: £6,630,000
St Helens : Central Retail Park
Fawcett Mead are pleased to have acted on the sale of this long-let retail park investment located in St. Helens.
- Let to Matalan Retail ltd and KFC (GB) Ltd
- Passing Rent: £480,500 per annum
- Net Initial Yield: 7.09%
- Price: £6,350,000
The property, which was built in 2000, is let to Matalan Retail Limited and Kentucky Fried Chicken (GB) Ltd with a WAULT of 8.56 years to expiry. The total current income is £480,500 per annum.
A purchase price of £6,350,000 reflects a net initial yield of 7.09%.
Burnley : Queens Lancashire Way
Fawcett Mead are pleased to have acted on the sale of this prominent discount store investment in Burnley.
- Prominent discount food store investment
- Passing Rent: £100,000
- Net Initial Yield: 10.70%
- Price: £882,500
The property is let in its entirety to Poundstretcher Stores Limited for a period of 25 years from 15th April 2011, expiring in 2036. The rent passing is £100,000 per annum.
The sale price of £882,500 reflects a net initial yield of 10.70%.
Nick Carvey commented, "We are delighted to conclude this sale on behalf of our client. This sale proved challenging as there was uncertainty regarding the tenant break clause, but all parties were very happy with the outcome."