Acting for Topland Group, Fifield Glyn have acquired a freehold retail warehouse investment at Wharton Retail Park, Winsford, Cheshire.
The property comprises a modern retail warehouse of 22,000 sq. ft. with garden centre. It is let on a Full Repairing and Insuring Lease to Focus DIY for a term of 25 years from 29 September 1994 (over 17.75 years unexpired) at a current rent of £171,128 p.a. subject to 5 yearly upward only rent reviews.
The purchase price of £2.13 million represents a net initial yield of 7.6%.
Commenting on the acquisitions, Stephen Jones of Fifield Glyn said “my clients were pleased to secure the purchase of this property in the face of competition from other interested parties. The investment provides an attractive net initial yield, particularly when you consider the reversionary passing rent, which equates to only £7.78 PSF and which provides the platform for further rental growth”.