Commercial Property News

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Monday, June 19, 2023

Development Securities sells Dewsbury, West Yorkshire, retail investment for 26.5m

Development Securities, advised by BCM, has sold the freehold of the Princess of Wales Precinct and Long Causeway shopping centre in Dewsbury, West Yorkshire to a private investor for 26.5m. The deal reflects a net initial yield of 5.5%.

The 80,970 sq ft high street scheme comprises 25 retail units and is anchored by WH Smith, Boots and Argos. Other tenants include New Look, Mothercare and Burtons, providing a total rental income of 1,483,701 pa.

Tim Wills of BCM comments: "This property is in an excellent location within Dewsbury's prime shopping core. With 83% of the income secured against national multiple covenants it is a strong retail investment and this was reflected in the price achieved."