Stockton Heath leisure asset sold to Columbia Threadneedle Investments

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Clients of LRE Capital, advised by Hartnell Taylor Cook LLP and Capita Real Estate have sold the freehold interest in Victoria Buildings, Stockton Heath, Cheshire to Columbia Threadneedle Investments for £9.5 million, reflecting a net initial yield of 6.44%.  The purchaser was advised by KLM Retail.

The investment comprises an attractive building providing approximately 2,910.93 sq m (31,333 sq ft) of well configured leisure, retail and ancillary accommodation, arranged across 10 units with additional external terraces.

Tenants include Piccolino, Pizza Express, The Slug and Lettuce, Anytime Fitness, Toni & Guy and Le Bistrot Pierre.  The current net rental income is £653,147 per annum.

John Burnside of Hartnell Taylor Cook LLP said: “We were delighted to act on behalf of the vendor on this property, which is located in the affluent Cheshire suburb of Stockton Heath and offers an excellent tenant line up with a WAULT in excess of 14 years.”