October 23, 2014
Prestigic Holdings Ltd, advised by GCW, has purchased two adjoining shops at 2/4 Kirkgate Wakefield, West Yorkshire for £1.77m at a net initial yield of 8.4%.
The three-storey premises provides approximately 8,640sq ft of retail accommodation, currently let to Santander and Waterstones with a weighted average unexpired lease term of 7.5 years. The current rent roll is £157,700 pa.
Phil Dawes, Director of Prestigic Holdings comments “This investment is in line with our current policy of buying well located high street retail units offering yields in excess of 8%and compliments other recent acquisitions we have undertaken in Aberdeen, Torquay, Bristol and Hereford. The units are well located being immediately adjacent to the principal entrance into The Ridings Centre in a very prominent corner position, with high volumes of pedestrian footfall.
Fawcett Mead represented the seller.
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