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Smith Price have transacted seven investment sales in one week on behalf of F&C REIT Asset Management. The seven retail assets, acquired by the property company earlier in the year as part of the Dawnay Day portfolio, were sold for more than £12 million and showed a blended yield of 5.66%. Two notable transactions included the sales of a well-let bank in Harrogate and a mobile phone retailer in Guildford at figures in line with that of the recent market peak in 2007.
Stephen Powell, Senior Partner and Head of Investment at Smith Price said: “We identified an active corner of the market where private investors were anxious to see a better return than was available in their bank accounts. As a result, these well-let small retail investments have been very well received and all but one have been bought with cash.”
The transactions include: 17 James Street, Harrogate - 3,186 sq ft (296 sq m) let to Bradford & Bingley until 2021, sold for £1,790,000 to show at a yield of 4.75% 64 High Street, Guildford - 1,212 sq ft (112 sq m) let to Mobiles Phones Direct until 2018, sold for £1,365,000 to show a yield of 4.85% 48 Albion Street, Leeds (pictured) - 1,010 sq ft (93.83 sq m) let to Starbucks until 2025, sold for £3,150,000 to show a yield of 6.00% 131/133 High Street, Sevenoaks - 3,270 sq ft (303.78 sq m) let to WH Smith until 2017, sold for £1,632,500 to show 5.79% 18 Union Street, Bath - 1,867 sq ft (173 sq m) let to Tie Rack until 2017, sold for £1,310,000 to show 5.5% 22/23 Commercial Street, Newport Gwent - 4,541 sq ft (422 sq m) let to the Woolwich (Barclays) until 2020, sold for £1,980,000 to show 6.5% 119/119A High Street, Newport, Isle of Wight; 5,806 sq ft (539 sq m) let to Cheltenham & Gloucester until 2019 with 3,472 sq ft (322 sq m) offices, sold for £1,002,500 to show 6.25% |
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