June 7, 2016
U + I, advised by Fawcett Mead, has sold a freehold investment portfolio of four retail properties in Nottingham and Blackpool to AEW UK for £13.2 million.
The properties, which formed part of Project Charlotte, are located at 6/10 Wheeler Gate, 1/9 Friar Lane and Pearl Assurance House in Nottingham and the Pricebusters building in Bank Hey Street, Blackpool.
Tenants in the portfolio include Poundland, Sports Direct, JD Wetherspoons, Lakeland and Costa Coffee which generate an annual income of approximately £1.420 million.The average lease length is 10 years and the purchase reflects a net initial yield of 10%.
Prime Retail represented AEW UK.
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