Metric Property Investments have begun 2011 through the purchase of their 11th property, the PC World unit on Old Shoreham Road, Hove from Aviva Investors. The property has a bulky goods consent and currently provides 19,280 sq ft of ground floor accommodation. However, the unit benefits from consent for a 10,000 sq ft extension, which Metric intend to implement. Metric paid £8,050,000 for the property. The purchase reflects a net initial yield of 5.7%, with the current PC World passing rent at £25.00 per sq ft. There is currently an outstanding rent review on the property, with the anticipated settlement being at £26.00 per sq ft.
Wilkinson Williams acted on behalf of Metric Property Investments.
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