Aberdeen Asset Management, advised by Green & Partners, has sold two prime retail buildings in Guildford for £4,450,000 to clients of CBRE Global Investors.
The sale represents a net initial yield of 4.25% pa rising to 6.1% pa upon completion of two rent reviews in September and October 2018 and an equivalent yield of 5.75%.
65/66 North Street and 23/27 Market Street comprise 6,903 sq ft in total. The units are let to Caffé Nero and Bravissimo/Pepperberry, with an average lease length of 8.7 years and minimum uplifts in 2018.
James Baillie of Green & Partners comments, “Guildford is a thriving and popular investment location. The two buildings are located at the retail heart of the town centre with strong covenants. Plans are underway to further improve and expand the retail offer in Guildford and it is unsurprising that we received close to 20 competitive offers for these units.”
Tim Munn of CBRE Global Investors comments, “The units have strong fundamentals occupying prominent positions in a strong South East city. Both units are let to high quality tenants at rents agreed at a low point in the occupational market. They complement our client’s portfolio and are set to perform well.”
CBRE Global Investors was advised by JLL and GCW.