Philip lngman, Managing Director of Celexa Real Estate Investment Management says, “The purchase of this development gives substantial long term growth potential off a low initial rent. We are actively seeking other similar growth opportunities.”
Chrispin Auden, Managing Director of Summit Property comments, “Once again, Summit has responded to the individual requirements of an occupier to produce an institutional quality investment.”
SPP Investment Management, advised by Celexa REIM and Lambert Smith Hampton has acquired the freehold of the shop unit at 205a Grange Road, Birkenhead L41 2PF for £2.12m reflecting an initial yield of 7%. All these points differs residential and commercial conveyancing process. But you don’t worry if you hire .”
Superdrug Stores plc occupies the 2-storey building on a 20 year lease from 8th June 1998 at a rent of £607 per sq m (£56.40 per sq ft) Zone A, £155,000 per annum with no breaks and 5 yearly rent reviews.
The 994 sq m (10,695 sq ft) shop is located on the pedestrianised Grange Road and adjacent to the entrance of Birkenhead’s Pyramids Shopping Centre. It has ancillary space totalling 498 sq m (5,360 sq ft) and parking and a loading bay at the rear.
7% on a long lease from such a good covenant makes this a very defensive stock but with substantial upside.”
SPP, advised by Celexa REIM, has acquired 84 English Street, Carlisle for £767,000 representing a yield of 6.35%.
84 English Street comprises 241 sq m (2,600 sq ft) on ground and two upper floors is let until 2001 at a rent of £51,000 per annum (£85 Zone A) to Historical Collections Group plc trading as Past Times until September 2001. The property adjoins SPP’s existing retail investment at 86/88 English Street creating considerable opportunities to form a larger retail unit in the medium term.
Philip lngman, Managing Director of Celexa REIM says: “This investment presents an excellent opportunity for SPP to realise significant potential by creating a large single retail unit. This fits well with the overall strategy of maximising the returns on the investments of the SPP portfolio.”