Helical Bar today announces the acquisition of two modern leasehold retail warehouses located in Harrogate and Stockport from a UK corporate vendor for £12.082 million (€15 million), reflecting an overall net initial yield of 6.95%. The units are held on 999 year leases at a peppercorn rent.
The 25,250 ft² (2.322 m²) Harrogate unit, located in Hookstone Chase is let to Currys/PC World for a further 11 years. The 33,323 ft² (3.065 m²) Stockport unit, located in Stockport Road, Cheadle Heath is let to B&M (just assigned from Homebase) on a new 10 year lease.
Commenting, Jack Pitman, Investment Director, Helical Bar, said: “These two retail warehouse investments represent high quality, long term income, and provide a good balance to our lower yielding central London holdings.”
Cushman and Wakefield acted on behalf of the vendor. Helical Bar was advised by Wilkinson Williams.
Source: Helical Bar