Commercial investment property advisor, Carrick Real Estate has completed the off-market acquisition of a prime retail unit in Beverley, Yorkshire, from a JV of London & Lothian and Cosmic Securities, in a deal worth £1.372million, reflecting a Net Initial Yield of 5.5%.
59 Saturday Market, a Grade II listed building, occupies a prominent position on the western side of the market and is home to national clothing retailer, Jack Wills, which is let on a new 10-year lease at a rental income of £80,000 per annum. In recent years, Beverley has attracted a number of aspirational niche retailers to the town, including JoJo Maman Bebe, Seasalt, Crew, Joules and Hotel Chocolat.
Speaking about the deal, Carrick commented: “We are witnessing robust investor demand for single-let retail investments with good covenants in strong market towns and this acquisition certainly underlines that trend. Beverley boasts an impressive retail offer”
Reid Rose Gregory acted for London & Lothian and Cosmic Securities.
Carrick Real Estate acted on behalf of a private investor.