Acting for the buyers, Thornes Chartered Surveyors are pleased to announce the completion of the purchase of 59 Yarrow Road, Tower Park, Poole. The investment, which has been acquired by clients of Thornes, currently trades as Frankie and Benny`s Restaurant and is let to City Centre Restaurants with 13 years remaining on the lease. The premises are positioned on a prominent location at Tower Park in Poole.
The retail investment was acquired for a figure equating to a net initial yield just over 6.25% based on the current passing rental of £140,000 pa.
David Quest, at Thornes said, “We were approached by our client to provide advice relating to the condition of the property, but given our ability to offer a comprehensive and professional service, our remit was extended to provide advice relating to the acquisition, pre-purchase condition report, review of the lease, repairing covenants and each 5 yearly rent review throughout the duration of the lease. The purchase will provide the client with a secure return on their investment with potential for growth and long term redevelopment potential.