CHESTERFIELD RETAIL INVESTMENT ACQUIRED FOR PRIVATE CLIENT

Investment News

Acting on behalf of a private pension fund client, FHP Property Consultants have purchased a freehold retail investment in Chesterfield for a price reflecting a net initial yield of 8.80%.

The property at 14 Packers Row is let to Savers guaranteed by Superdrug Stores Plc on a full repairing and insuring lease expiring in June 2017 at a rent passing of £74,500 per annum.

Mark Bradley who represented the purchaser commented:-

“This was a fantastic opportunity to acquire a prime retail investment in Chesterfield let to a strong covenant for a very competitive yield of just under 9% with 5 years remaining on the lease.  The retail property market in Chesterfield is probably faring better than many comparable towns with relatively few vacant units within the core shopping area and the prime pitch of Vicar Lane Shopping Centre being almost fully occupied.”

The vendor was represented by Mason Owen.