Evolve Estates has purchased the long leasehold interest in 33/48a Sidwell Street, Exeter for £4.175 million, reflecting a net initial yield of 9.5%.
The property comprises a retail parade of 16 shops on the ground floor, totalling 19,738 sq ft (1,828 sq m), let to tenants including Poundstretcher, Subway and Lloyds Pharmacy, providing a current annual rental income of £418,000. The two upper floors provide residential accommodation.
Evolve Estates already own the adjacent 45-46 Sidwell Street, let to Co-op, Dominos and a charity shop.
Joe O’Keefe, Partner at Evolve Estates, says: “We know this area well, having owned the adjacent retail parade for around 18 months. There is potential here to improve the retail offer and also some development opportunities . The planned major redevelopment which will take place opposite will undoubtable add value, once complete and increase footfall.”
JLL advised the sellers (joint receivers) and DTZ advised Evolve Estates.