Mabey Property Ltd, represented by international real estate advisor Savills, has sold a retail unit let to Boots in Stratford-upon-Avon to Hawbridge Properties Ltd for £5 million. The deal reflects a net initial yield of 5.25%.
Boots is occupying the 16,799 sq ft (1,560 sq m) store on five-year lease until 2021 at a passing rent of £280,000 per annum. It is located in a prime position opposite Marks & Spencer on Bridge Street, the main pedestrian link between the town’s historic attractions, with other national retailers including New Look, Laura Ashley and Jaegar in close proximity.
Ned Jones, investment director at Savills, comments: “This prime retail investment combines a strong covenant and re-based rent with a high footfall location and therefore attracted significant interest. We are pleased with the swift result achieved on behalf of our client.”
Marc Robson of High Street Investment represented the purchaser.