Thursday, January 17, 2024
NB Real Estate completes two North West retail investment deals
NB Real Estate on behalf of GE Real Estate has completed two North West retail investment deals.
The deals, located in Chester and Wilmslow, generated offers from approx 30 separate parties, with both going to best bids.
The first deal comprised a freehold retail and office investment opportunity on Clemence House, 42-48 Northgate Street, Chester. The 15,499 sq ft property is multi-let to four tenants, including Oasis and Vision Express. The investment received 14 bids and was sold to a private client of Briant Champion & Long for £8m reflecting a net initial yield below 5%. Completion occurred within 14 days from contracts being received.
The second investment comprised a substantial unbroken retail parade of 13 shop units together with office accommodation above and car parking to the rear at 41-65 Alderley Road in Wilmslow, Cheshire. The property is multi-let to 12 tenants including Viyella, Jaegar, Paul Costelloe, Emma Somerset and Argos amongst others. The property received 16 bids. It was sold to private investors for £8.9m reflecting a net initial yield of under 5%.
Andrew Inglis, director of retail investment at NB Real Estate said: "We have been very pleased with the result of these two marketing campaigns during the current financial uncertainty. What this undoubtedly demonstrates is there is still a considerable demand for suitable retail investments. Without doubt, the demand for both of these investments has been due to their strategic locations within two very affluent retail areas.
"The Northgate Street investment offered a well let retail investment in a pitch set for substantial improvement when the shopping centre is re-developed. Whereas Alderley Road, which is an excellent trading position in Wilmslow town centre sandwiched between the town's largest supermarket, the only department store and the principal shoppers car park, offers an investor a terrific opportunity to enhance value through classic retail asset management.''
NB Real Estate represented GE Real Estate on both properties and were joint agents with Christopher Dee & Co on the Alderley Road premises in Wilmslow.
The deals, located in Chester and Wilmslow, generated offers from approx 30 separate parties, with both going to best bids.
The first deal comprised a freehold retail and office investment opportunity on Clemence House, 42-48 Northgate Street, Chester. The 15,499 sq ft property is multi-let to four tenants, including Oasis and Vision Express. The investment received 14 bids and was sold to a private client of Briant Champion & Long for £8m reflecting a net initial yield below 5%. Completion occurred within 14 days from contracts being received.
The second investment comprised a substantial unbroken retail parade of 13 shop units together with office accommodation above and car parking to the rear at 41-65 Alderley Road in Wilmslow, Cheshire. The property is multi-let to 12 tenants including Viyella, Jaegar, Paul Costelloe, Emma Somerset and Argos amongst others. The property received 16 bids. It was sold to private investors for £8.9m reflecting a net initial yield of under 5%.
Andrew Inglis, director of retail investment at NB Real Estate said: "We have been very pleased with the result of these two marketing campaigns during the current financial uncertainty. What this undoubtedly demonstrates is there is still a considerable demand for suitable retail investments. Without doubt, the demand for both of these investments has been due to their strategic locations within two very affluent retail areas.
"The Northgate Street investment offered a well let retail investment in a pitch set for substantial improvement when the shopping centre is re-developed. Whereas Alderley Road, which is an excellent trading position in Wilmslow town centre sandwiched between the town's largest supermarket, the only department store and the principal shoppers car park, offers an investor a terrific opportunity to enhance value through classic retail asset management.''
NB Real Estate represented GE Real Estate on both properties and were joint agents with Christopher Dee & Co on the Alderley Road premises in Wilmslow.
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