Thursday, 4 December 2014
Evolve Estates purchases two new investments in Hampshire and Yorkshire (UK)
In Hampshire, Evolve Estates has purchased the freehold of Dukes Mill Shopping Parade on Broadwater Road, Romsey for £2.4 mln (approx.€3.05 mln) from a private seller. The property comprises seven retail units, with residential use above, let to tenants including Dominos Pizza, Pam Purred Pets and The Factory Outlet shop. The investment provides an annual rental income of £157,930 (approx.€201,000) and reflects a net initial yield of 7.5%.
In Yorkshire, Evolve Estates has acquired the long leasehold interest in 7-29 Towngate in Ossett, near Wakefield from a private property company for £1 mln (approx.€1.27 mln). The property, let to Coral and a number of local retailers, provides a current annual rental income of £91,000 (approx.€116,000) and reflects a net initial yield of 9.5%. These acquisitions add to Evolve Estates growing UK investment portfolio which now stands at over £100 mln (approx.€127 mln) in value.
Sebastian MacDonald-Hall, Partner of Evolve Estates says: “Each of these properties fits our investment model with many asset management angles. In Ossett we have offers on the vacant units.” Primmer Olds advised Evolve Estates on the Romsey purchase. For the Ossett acquisition Savoy Stewart advised Evolve Estates and Clinton Fitzpatrick acted on behalf of the sellers.