Prime retail premises owned by Friends Life Ltd (care of AXA Real Esate Investment Managers) in Hereford's city centre have been bought by Hawkeye Properties for around £5.2 million.
The 36,107 sq ft property, which is let to New Look on a 35-year lease that expires in March 2025, generates a net initial yield of 8.1 per cent.
Andrew Main, investment director at property consultancy Savills, who advised Friends Life on the deal, said: "This property presented an opportunity to acquire a well-configured fashion store, secured to a national covenant with attractive long-lease structures. The unit has a strong retail position with extensive frontage onto the High Street in Hereford, which has continued to thrive as a shopping destination.”
Baron Associates represented Hawkeye Properties.
Written by Richenda Oldham
9 Jan 2017
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