Joseph Rowntree Reform Trust Acquires Three Regional Retail Investments

September 23, 2015

Joseph Rowntree Reform Trust (Properties), advised by Nightingale Partners, has invested over £7m in three regional retail property investment deals.

In the largest transaction, JRRT has purchased the freehold interest in 63-73 Goodramgate, York from Town Centre Securities Plc, represented by HRH and Waterhouse Commercial Surveyors.

The 16,696 sq ft property is located in a busy trading location within the heart of the city, close to York Minster. It comprises a terrace of two large retail units let to Tesco Stores Limited and Bonmarche Limited, together with a café and restaurant.

Approximately 80% of the income is secured to Tesco Stores and Bonmarche under leases extending until at least June 2022, off passing rents equating to approximately £55 Zone A. The total current income is £232,000 pa.

The purchase price of £3.55 million reflects a net initial yield of 6.18%.

In Beverley, the freehold interest in 41 Toll Gavel has been acquired by JRRT for £1.73 million from a client of Colliers Capital, represented by Colliers International.

The prime retail property comprises a 4,543 sq ft two storey building let to WH Smith on a 5 year lease expiring on 22 December 2019 at a current passing rent of £110,000 a year.

The purchase price reflects a net initial yield of 6.00%.

Finally the Trust has acquired the freehold interest in 4-6 Penny Street and 3-5 Market Street, Lancaster, from clients of Jones Lang LaSalle for £1.78 million, reflecting a net initial yield of 6.38%.

The property comprises a prominent corner prime retail unit of traditional with frontages onto the pedestrianised Penny Street and Market Street. The building provides a total net internal area of approximately 5,634 sq ft.

Let in its entirety to JD Sports Fashion Plc on a 10 year lease expiring on 6th October 2024 (tenant break 6th October 2019), the current passing rent is £120,000 pa.

Latest News

REDEVCO APPOINTS NEW ASSET MANAGER FOR THE UK

February 12, 2025 - 14:08

Redevco, one of Europe’s largest privately-owned real estate managers, has appointed Lauren Chew as an Asset Manager in its UK team. She will be responsible for the asset management of Redevco’[...]

+ Read More

KLM REAL ESTATE APPOINTS TWO NEW ASSOCIATE PARTNERS

February 7, 2025 - 14:24

KLM Real Estate has promoted James Williamson and Henry Gittins to Associate Partner. James joined in 2021 and works in the firm’s retail and leisure agency team acting for landlord clients such as [...]

+ Read More

HATHAWAY DEVELOPMENTS SECURES THIRD PRIME DEVELOPMENT SITE IN 18 MONTHS

February 6, 2025 - 12:00

Hathaway Developments has secured its third logistics and life science scheme in 18 months further expanding its development pipeline to almost 200,000 sq ft with a GDV of approximately £10[...]

+ Read More

CONTACT

CALL US

+44 (0)20 7647 4420

ADDRESS

Wren House, Garden Close Lane, Newbury RG14 6PR