PRIME FREEHOLD HIGH STREET RETAIL INVESTMENT ACQUIRED
Acting on behalf of Trustee clients, Tim Harries & Partners acquired this prime High Street retail freehold investment let to WH Smith on a new 10 year unbroken lease.
This was a strategic acquisition to diversify the client’s portfolio by sector and longevity of income, and a particular appeal of the property was its prime location in an affluent town which has maintained virtually 100% occupancy within its retail core throughout the downturn, the low base rent which provides good prospects for rental growth, and the longer-term development prospects of a large retail building with upper floor residential maisonettes having sea views in a thriving holiday location.
The investment was purchased for a price of £900,000 which represented a net initial yield of 6.15%.
