April 29, 2015
Topland Group, advised by GCW, has realised £11.36 million with the sale of two freehold retail investments in Bedfordshire and West Midlands.
In Shefford, south Bedfordshire, Topland has sold a 27,158 sq ft Morrisons’ supermarket for £8.26 million, reflecting a net initial yield of 5.43%. GCW was instructed following a good result they secured at the December 2013 rent review where the rent moved from £423,333 pa to £475,000 pa. There are a further 8.5 years remaining on the lease. This sale was against a backdrop of some challenging conditions in the food store sector.
In West Bromwich, a private investor has paid £3.1 million for the freehold interest in 233-241 High Street, a prime shop let to New Look. The 30,461 sq ft property has 12 years remaining on the lease where the rent roll is £309,000 pa. The deal reflects a net initial yield of 9.4%.
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