Monday, 5 January 2015
Orchard Street doubles up with disposals to Aviva (UK)
Orchard Street Investment Management, the specialist commercial property investment manager, has completed two small disposals on behalf of St. James’s Place Property Unit Trust to Aviva for circa £9.4 million (€11,5) in total.
Situated on a main road location in an established industrial area in the South West of Leeds city center, the warehouses offer 80,178 ft² (7.432 m²) of space in total. They are let to Antalis Ltd and RS Components Ltd on an average weighted unexpired lease term of 3 years. The sale price of £5.5 million (€7 mln) represents a net initial yield of 6.78% following completion of a lease renewal with the larger tenant in 2013.
Steadman Brierley acted on behalf of Orchard Street and Colliers International acted on behalf of Aviva Investors.
The 16,837 ft², purpose built car show room is let in its entirety to Volkswagen UK Ltd on a 20 year lease. Located on a 1.5 acre site fronting Tewkesbury Road and adjacent to a Tesco Foodstore, it is located a mile from Cheltenham’s town center. The sale price of £3.915 million (approx. €5 mln), reflects a net yield of 6.15%.
CBRE acted on behalf of Orchard Street and Knight Frank acted on behalf of Aviva.
Source: FTI Consulting