February 18, 2014
Marley Pensions Limited, advised by Kitchen La Frenais Morgan, has sold four high street shop investments raising just over £3.6 million.
In Monmouth, it has sold the freehold interest of units 1 and 2, 40-46 Monnow Street for £1,350,000, reflecting a net initial yield of 6.3%. Unit 1 being 2,100sqft is let to White Stuff with Unit 2 being 2,000sqft and let to Nero Holdings, trading as Caffe Nero. Both leases are for 10 year terms from October 2011 at £45,000 pa each with White Stuff having an option to break at the end of the 5th year.
At 62 High Street, Stamford, a 4,700 sq ft shop let to Mountain Warehouse has been sold for £1,182,500, a net initial yield of 7.2%.The property is let for 10 years from 4May 2012 at a rent of £90,000 pa with a tenant option to break at the end of the 6th year .
The other two sales are:
21 East Street, Bridport: a 2,100 sq ft shop let to Fat Face on a 10 year lease from the 10October 2011 at a rent of £35,000 pa. A sale price of £450,000 was achieved, reflecting a yield of 7.4%
34 Bull Ring, Ludlow: a 5,350 sq ft shop let to Boots on a lease expiring 23 June 2017 at a rent of £46,000 a year. The sale price was £635,000 reflecting a yield of 6%.
The purchasers were four separate private investors. Cooke & Arkwright and Chapman Petrie advised for the purchasers in Monmouth and Stamford respectively.