The Investment Team have assisted in acquiring the freehold of Waitrose on Foss Island Road in York on behalf of a UK pension fund.
The property comprised 35,000 sq ft on a site spanning 1.18 Hectares and is secured to Waitrose Limited until October 2030. The lease benefits from a further fixed rental uplift in 2020.
The property was purchased for in excess of £13.5m.
For further information please contact David Freeman or Ed Smith.
Green & Partners investment team have sold 120-138 High Street, Kings Heath on behalf of La Salle IM.
The property produces a net combined income of £445,860 pax and comprising 7 retail units let to tenants including Wilko, Burton, Specsavers and Greggs.
The property sold for £4.765m.
For more information contact David Freeman
G&P Investment Team have sold a Sainsburys Supermarket anchored Convenience Parade in Midsummer Norton on behalf of clients of LaSalle IM.
The investment comprised a site spanning 2.95 acres. 83% of the income was secured to Sainsburys Supermarkets Ltd, expiring 2025. The remaining units are let to tenants including Costa, Barnardo’s and a number of local occupiers.
BANES purchased the property for £5.7m.
For further information please contact Patrick Over.
Green & Partners Investment Team has advised a family trust on the acquisition of the freehold interest in 138-140 High Street, Guildford.
The property is let to Moss Bros Plc, at a rental of £280,000 pax, expiring in June 2024.
For more information please contact Ed Smith
On behalf of an institutional client Green & Partners sold 17-23 Chequer Street, a high street retail parade in St Albans.
17-23 Chequer Street is prominently and centrally located between both the Maltings Shopping Centre and Christopher Place and opposite Fat Face and Joules. The subject property is well secured to strong national covenants of Nandos and Toni & Guy with a weighted average unexpired lease term of 8 years. Both retailers are let on FRI leases with upcoming rent reviews and with sufficient transactional evidence on the pitch, there is a real opportunity to improve the performance of the asset.
Green & Partners achieved a price of £2,725,000 which reflects a NIY of 4.83%, 67bps above asking.
For more information please get in touch with Simona Malinova or Patrick Over.
Green & Partners has advised St Modwen on the freehold sale of a completed development leased to Lidl at Wolverton Works.
Having successfully concluded the letting to Lidl on a 25 year FR&I lease (TBO in year 15) at a rental of £400,000 pax, the Investment Team have now successfully disposed of the freehold interest for £7,750,000 reflecting a Net Initial Yield of 4.85%, to a private investor.
The lease benefits from 5 yearly rent reviews, upwards only to open market rental value, capped at 2% per annum. The site spans circa 2 acres, and comprises a 26,000 sq ft purpose built foodstore and 135 demised car parking spaces. The development forms part of a wider regeneration of Wolverton Works currently being undertaken by St Modwen.
The deal marks the teams second successful foodstore deal in 2018 following the acquisition of a newly built Aldi Investment in the North East of England on behalf of a retained client.
For more information please contact Ed Smith or David Freeman.
Green & Partners Investment Team has featured in the Co Star Disposal and Acquisition League table for Q2 2018.
Their activity has spanned, High Street assets, two Food Stores, a Shopping Centre and Retail Warehouse. Do get in touch with one of the team for more details.
Green & Partners, acting on behalf of Aberdeen Standard have successfully disposed of 4-6 George Street and 3 Red Lion Street, Richmond for £11.4m, reflecting a 4.6% net initial yield.
The property is mixed use comprising retail at ground floor with office and residential accommodation across the upper parts. The retail units are occupied by Molton Brown, David Clulow, Gandys and Headmasters. DTZ Investors purchased the property and were represented by Hampson Wall.
For further information, contact Ed Smith.
Green and Partners advised Alterity Investments in the acquisition of two high street assets, located in heart of Cheltenham, an affluent and attractive Cotswold spa town.
80, 82 and 82A Promenade, Cheltenham
The property comprises three shops housed within three of the town’s famous Regency houses. The units are let to Maythers Cards, a privately owned stationery business with shops in five locations throughout the UK; Toast Ladieswear, a fully owned by French Connection clothes and homeware shop and a third store occupied by Castle Fine Art, one of the leading high street art galleries trading from over 36 stores.
The parade was purchased at an auction for £4.35 million reflecting a NIY of 6.52%.
84 Promenade, Cheltenham
The property comprises an attractive, mid-terraced, period building which has a Grade II Listed status. It is arranged over five levels, providing accommodation at basement, ground and first to third floor levels. The total area of the unit is approximately 355.38 sq m (3,825 sq ft).
The property is entirely let to The White Company, a homewares and fashion retailer, trading from 57 UK outlets, including concessions in the likes of Harrods
and Selfridges department stores in London. The company also has an international presence, with stores in Ireland (Kildare Village) and in the USA; Fifth Avenue, New York City and The Mall at Short Hills, New Jersey.
The transaction reflected £3.35 million at a NIY of 4.30%.
For more information please get in touch with Ed Smith or Patrick Over.
Green & Partners acquired the Sports Direct in St Nicholas Centre, Sutton for AEW.
The property forms an integral part of the scheme, located in a highly prominent position beneath Primark. The property provides a modern, purpose built store arranged over ground and basement level. The ground floor predominantly offers well-configured retail accommodation, whilst the lower ground level offers ancillary and storage accommodation.
St Nicholas Centre is a fully covered shopping centre, built over three levels, and provides 375,000 sq ft of prime retail accommodation. The centre was constructed in 1992, but has recently received an extensive refurbishment.
The deal completed in January 2018 at a price of £1,500,000 reflecting a Net Initial Yield of 9.10%. For more information, please get in touch with Ed Smith or Patrick Over.