Retail sales completed
Sampson Moore have completed the sale of two retail investments, acting jointly with FSP, for fund manager clients.
96 High Street, Worcester has been sold for £1.34m, reflecting an initial yield of 5.5%. The property is let to Fat Face Limited until June 2024 at a rent of £78,000 pa. Sampson Moore also advised prior to the sale on the regear of the lease for a further 10 years to the tenant.
12 High Street, Shrewsbury has been sold for £607,000, reflecting an initial yield of 6.23%, with reversion to circa 7.25%. The property is let to Essensuals Limited at £40,000 pa until November 2013.
Derby office purchase
Sampson Moore have advised property company clients on the purchase of Pentagon House, Derby for a sum of £1,775,000. The property is a high quality office building comprising 31,826 sq ft. It is let in part to Chubb, Infomill and Chemring Europe, with over half of the space currently vacant. The purchase price reflects £55 per sq ft, and will show a yield of circa 16% when fully let. The purchaser intends to refurbish the ground floor immediately and carry out an active marketing campaign to secure lettings for the vacant space.
Cotswold industrial estate purchase
Sampson Moore have advised property company clients on the purchase of a multi-let industrial investment at Worcester Road Industrial Estate, Chipping Norton. The purchase price was £1.925m reflecting an initial yield of 9.77%. The estate comprises 38,785 sq ft producing £199,020 pa. The purchaser intends to carry out some refurbishment and active management.
Further sale and leaseback deal
Sampson Moore have advised fund manager clients on a further sale and leaseback purchase from Metalrax Group plc at Sedgwick Road, Luton for a price of £880,000. The vendor took a 15 year leaseback at a rent of £100,000 pa , with annual RPI uplifts. The purchase reflected an initial yield of 10.73%.
Industrial sale and leaseback deal
Sampson Moore have advised fund manager clients on the purchase of two industrial properties at Northfield Industrial Estate, Market Deeping and Crossgate Road, Redditch for a total consideration of £1,820,000. The vendor was Metalrax Group plc, who took a 15 year leaseback at rents of £96,500 pa and £110,000 pa respectively, with annual RPI uplifts. The purchase reflected an initial yield of 10.73%.