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.
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
Let to the Southern Co-Operative Ltd on a new 15 year lease
Passing Rent: £80,000 per annum
Net Initial Yield: 5.38%
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%. [read more]
Cheshire Oaks : Cheshire Oaks Leisure Park
Prime out-of-town leisure opportunity
Passing Rent: £371,931 per annum
Net Initial Yield: 5.25%
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%.[read more]