Teesland Advantage Property Income Trust Limited (TAP) has completed the sale of two retail units in Hove, for the combined price of €2.294 million (£1.656 mln.).
The first property, 17 George Street, is let to WHSmith Plc on a lease expiring in March 2011. It was sold for €1.1 million (£810,000) reflecting a net initial yield to the purchaser of 4.88%.
The adjacent property, 19 George Street, is let to Portman Building Society until March 2021. It was sold for €1.2 million (£846,000) reflecting a net initial yield to the purchaser of 4.64%.
The two properties were acquired by TAP as a single asset in February 2005 and the PFA marketed them as separate assets in order to maximise pricing.The combined net proceeds of sale reflect a 16% profit on cost and 2.5% over valuation.
Mark Carrington of Teesland Asset Management Limited commented "The disposals are in line with the Company's investment strategy, which includes the strategic disposal of lower yielding assets with ex-growth characteristics."
Source: Teesland AP