Evolve Estates has purchased the freehold interest in 55/79 London Road, North End, Portsmouth from a private property company for £3.8 million, reflecting net initial yield of 9.5%.
The retail investment comprises two buildings: a ground floor supermarket and; a block of four retail units. Totalling 36,513 sq ft (3,025 sq m), the property is occupied by local and national retailers including Co-op, Shoe Zone and Subway providing an annual rental income of £395,500.
Dan O’Keefe, partner at Evolve Estates, comments: “We will be looking to maximise the property through an active asset management strategy, with a focus on the leisure sector.”
Smith Price advised Evolve Estates. The vendor was unrepresented.
