The investment team has completed the sale of two high street assets on behalf of RLAM.
Both properties are located in very strong and resilient retail centres, where there is still argument in owning prime, central high street assets. Both Leeds and Cheltenham are tourist and shopping destinations in their own right which benefit from consistently high levels of footfall.
83-83a Briggate, Leeds let to Flight Centre in its entirety with an unexpired term of 7.25 years. Bought by a foreign private investor, the transaction completed in January 2019 for £1.816m reflecting a Net Initial Yield of 6.50%.
20-22 Promenade, Cheltenham sold to a local private investor for £1.565m reflecting a Net Initial Yield of 5.54%. The property is let to Coventry Building Society, the UK’s 2nd largest building society for further 8 years.
For more information please get in touch with Patrick Over or Simona Malinova.