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Acquisition of 13-15 Butcher Row, Salisbury

The freehold interest in 13-15 Butcher Row, Salisbury, has been acquired by JRRT (Properties) Limited, represented by Nightingale Partners, from clients of Fawcett Mead.

The property is located in a busy trading location within the heart of the historic city of Salisbury. It comprises two shop units providing a total area of 3,522 sq ft.

13 Butcher Row is let to White Stuff Limited from October 2009 until 31st January 2020 at a rent of £67,500 per annum. 15 Butcher Row is let to Whittard Trading Limited from December 2009 until 22nd December 2019 at a rent of £34,250 per annum.

The total passing rent is £101,750 per annum.

For further information contact Richard Pope.

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Retail Acquisition

Nightingale Partners have acquired a prime London retail investment for in excess of £8 million for a private overseas investor. The terms of the deal remain confidential.

The acquisition demonstrates on-going demand for well-let UK commercial investment opportunities in Central London.

For further information contact Rupert Mitchell.

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Disposal of Revolution, Chambers Street, Edinburgh

Nightingale Partners has provided disposal advice to a private client in the sale of the Revolution Bar, 30a Chambers Street, Edinburgh - a prime city-centre leisure investment in the Old Town, located opposite the National Museum of Scotland and adjacent to the Law Courts and University of Edinburgh campus buildings.

An attractive Grade B listed property providing 12,644 sq ft (1,174.7 sq m) GIA of quality restaurant and bar accommodation. The property comprises three separate bars and a dance floor, creating a venue with a capacity for in excess of 600 people.

Entirely let to Revolution Bars until 12th September 2030 on a FRI lease without break, the investment offers well-secured income at a passing rent of £197,500 per annum reflecting a low £15.62 per sq ft overall.

The purchaser will benefit from an unsettled rent due in September 2015.

For further information contact Will Collis.

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Acquisition of The Dog & Pheasant, Haslemere Road, Brook

The freehold interest in The Dog & Pheasant has been acquired by a private client of Nightingale Partners. A well-regarded public house prominently located on Haslemore Road in the stunning Hamlet of Brook, Surrey.

The property is situated opposite Surrey’s Pirrie Hall, a local landmark, cricket and tennis club. Brook is approximately 5 miles to the south east of Godalming and approximately 4 miles north east of Haslemere.

The Dog & Pheasant comprises a Grade II listed, highly popular and substantial public house arranged over ground and first floor levels and set in a large plot comprising circa 0.55 acres.

The property was recently regeared on a new 15-year lease which is subject to 5-yearly fixed uplifts to the equivalent of 2.00% per annum compounded throughout the term.

For further information contact Will Collis.

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Acquisition of Pizza Express, West Hampstead

The freehold interest in 255 West End Lane, NW6 has been purchased by a private Luxembourg investor of Nightingale Partners.

The freehold property located in 255 West End Lane is prominently situated on the southern corner of West End Lane and Dennington Park Road.

The retail unit is let to Azzurri Restaurants Ltd on a FRI lease for a term of 25 years until March 2029, with surety from Azzurri Central Ltd. The passing rent is £55,000 per annum plus the benefit of a ground rent from the residential upper parts. The premises are underlet to Pizza Express (Restaurants) Limited who are undertaking a major refurbishment of the unit.

For further information contact Will Collis.

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Acquisition of Hovis London Bakery, Mitcham, Greater London

The freehold interest in the Hovis (London Bakery) located at Ellis Road, Mitcham, Greater London has been purchased for £4,935,000 by Altum Capital from Mansford LLP.

The property, located in the London Borough of Merton, comprises a warehouse with ancillary office accommodation totalling 32,586 sq ft and is let for in excess of 10.5 years to the 5A1 rated covenant of Hovis Limited at a rent of £281,950 pa.

“The purchase is in line with Altum’s strategy to acquire good quality real estate, within core locations across the UK,” said Jack McCarron, Investment Manager at Altum Capital. “We are happy to have secured this industrial investment located within Greater London, which is well let and possesses strong rental growth prospects.”

For further information contact Rupert Mitchell.

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Disposal of One Elmfield Road, Bromley, BR1 1LU

A wholly owned subsidiary of CLS Holdings plc has acquired the freehold interest in One Elmfield Park, Bromley BR1 1LU from Aviva Investors, for a figure of £4,525,000 (Four Million Five Hundred and Twenty Five Thousand Pounds).

The property is situated close by to Bromley South Railway Station and comprises c24,000 sq ft (2,238 sq m) of offices, together with 12 on site car spaces.

The property produces a total income of £350,313 per annum reflecting £14.75 per sq ft, with the majority of the leases running to July 2016.

The purchase price of £4,525,000 reflected a net initial yield of 7.32% and a capital value of £188 per sq ft.

For further information contact Richard Pope.

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Disposal of 117 Bushey Mill Lane, Watford

The freehold interest in 117 Bushey Mill Lane, Watford has been disposed of for £2,850,000 by Wallop Estates, representing a net initial yield of 8.53%.

The property dates in the main from early to mid-1970’s construction, whilst a small part dates from the 1930’s.

The property provides a gross internal area of 24,327 square feet and is let in its entirety to McNicholas Construction (Holdings) Ltd for a further 3.25 years at a rent of £256,977 per annum.

The property has planning permission for the demolition of the existing buildings and erection of new units B1, B2 and B8 with service yard and car parking totalling c.27,000 sq ft.

For further information contact James Turner.

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