Property consultants Alder King, acting on behalf of the Rowe Group, have secured the freehold investment sale of Units 1 and 2 Eastern Avenue, Gloucester, two modern retail warehouses situated on the A38. The 22,663 sq ft property was sold for £4.25 million to NewRiver Retail reflecting a net initial yield of 8.3%. The purchaser was advised by Strutt & Parker.
The property, located in Gloucester’s core retail warehouse location, is let to DSG Retail (trading as PC World) and Magnet until 2021 and 2024 respectively and produces a combined annual rental of £373,100.
Oli Stretton from Alder King’s investment team said: “We are retained by the Rowe Group to provide strategic asset management advice across its property portfolio. The successful disposal of this asset, achieved at a figure above the quoting price, will facilitate re-investment into the Group’s target sectors.”
