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.
Currently trading in Chelsea, Covent Garden, Hampstead and Kensington, Italian chocolatier Venchi have chosen Richmond-Upon-Thames for their fifth standalone store in the UK. Acting on behalf of a Private Landlord, Green & Partners have let 25/26 George Street on a new 10-year lease at a commencing rental of £145,000 per annum exclusive.
For further information please contact Matt Beardall.
Green & Partners advised Square Metre Asset Management on the disposal of 74-80 North End, Croydon. The sale achieved a price of £10.25 million reflecting a net initial yield of 5.14%. The property produces a gross income of £564,800 per annum.
The retail element is let to Deichmann Shoes and Game. The upper floors are let to a dental practice, podiatrist and Atkins Hope Solicitors. The property has a weighted average unexpired lease term of 2.32 years to expiry, favourable for a number of asset management opportunities.
For more information, please get in touch with Ed Smith.
Standard Life Aberdeen, advised by Green and Partners, have exchanged contracts with Decathlon for a new 18,000 sq ft store at the rear of South Mall, Elmsleigh Centre reinforcing the recent earlier letting, by Green and Partners, of the former 55,000 sq ft BHS to Primark which is planned to open in February 2018.
The Emsleigh Centre comprises approximately 260,000 sq ft with other key tenants including Topshop/man, River Island, Monsoon, M&S, H&M, New look and many other multiple retailers.
For further opportunities please contact either Paul Cooper or Olly Gardner.
Green and Partners, acting on behalf of St Modwen, have agreed terms with Lidl for a new 28,038 sq ft store on Stratford Road, Wolverton. Lidl took a 25-year lease at a rent of £400,000 and Green and Partners are advising on the freehold disposal.
For more information please contact Adam Bindman.
Green & Partners has advised a private investor on the disposal of the freehold interest in 84 Broad Street, Reading.
The property is let to Footasylum Limited for 10 years from March 2016 (TBO 2021) at a rental of £155,000 pax.
The purchase completed in November 2017 at a price of £2,730,000.
Kieran Cotter & Co acted for the purchaser.
For more information please contact Ed Smith.
Green & Partners has acquired the freehold of 30 Butcher Row, Salisbury let to Tiger on behalf of a Private Investor.
The property is let to Tiger UK Midlands Limited for 10 years from November 2015 (TBO 2022) at a rental of £80,000 pax.
The purchase completed in November 2017 at a price of £1,415,000.
Griffiths Eccles acted for the vendor.
For more information please contact Patrick Over.
Green and Partners have advised M&G on the split of the former GAP unit in Culver Square, Colchester and secured lettings two new entrants to the town – Hotel Chocolat & Tiger. The unit was the last remaining void in the scheme which now sees Culver Square fully let for Christmas.
For further information on future asset management options, please contact Matt Beardall or Mike Willoughby.
Acting on behalf of LaSalle, Green and Partners have let the former Carphone Warehouse to Vodafone by way of a new 10-year lease at £75,000 pax. The unit is arranged on ground floor of approx 570 sq ft and a first floor of approx 370 sq ft.
For further information please contact Paul Cooper.