Retail units in Worksop, Nottinghamshire, acquired in investment sale
Specialist business property adviser Christie & Co has announced the sale of a multi-let retail property on Newcastle Avenue in Worksop.
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The purpose-built retail unit is split into two stores, which are let to Sainsbury’s and Barnardo’s, with an accompanying car park.
The property freehold has been sold as the previous owners wish to restructure their portfolio ahead of retirement. The site offered a WAULT of 11.48 years to expiry and was marketed at an asking price of offers in excess of £1,300,000, with net initial yield of 6.55%.
The site has been acquired by an international company based in South Yorkshire, looking to expand their growing portfolio of commercial asset investments.
The two stores will continue to operate as normal under their existing leases.
Alex Rex, Associate Director at Christie & Co, commented on the sale, “It was a pleasure to act on behalf of our client to market this opportunity. There was a high level of interest due to the competitive yield offered and the quality of the tenants in situ. The building is also nearly new in real terms and is purpose-built for its current use. We had multiple offers, and I am delighted to have helped the buyer continue to grow their UK portfolio.”
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