22nd Sep 2014 07:23
LONDON (Alliance News) - Helical Bar PLC said Monday that it has acquired two pre-let retail warehouses from an unnamed UK corporate vendor for GBP12.1 million.
The property investment and development company said it has acquired two modern leasehold retail warehouses in Harrogate and Stockport, let to Currys/PC World and B&M, respectively, for GBP12.1 million, reflecting an overall net yield of 6.95%.
The units, which have been acquired from an undisclosed UK corporate vendor, are held on 999 year leases at a peppercorn rent, said Helical Bar.
The 25,250 square foot Harrogate unit, located in Hookstone Chase, is let to Currys/PC World at a current rent equating to GBP18.38 per square foot for a further 11 years.
The 33,323 square foot Stockport unit, located in Cheadle Heath, is let to B&M (just assigned from Homebase) on a new 10 year lease at a rent of GBP13.28 per square foot, said Helical Bar.
"These two retail warehouse investments represent high quality, long term income, and provide a good balance to our lower yielding central London holdings," said Jack Pitman, Investment Director at Helical Bar.
Cushman and Wakefield acted on behalf of the vendor. Helical Bar was advised by Wilkinson Williams.
Shares in the property company were Monday morning trading 0.07% higher at 342.75 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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