Avison Young Retail has acquired the Barker and Stonehouse, 184-186 Old Shoreham Road in Hove on behalf of Wesleyan Assurance Society.
The freehold interest in this prime South East retail asset was acquired in December 2020 for a price of £7.0 million, reflecting a net initial yield of 6.97%. The vendor was clients of CBREGI.
The 20,108 sq ft unit is let to Barker and Stonehouse to September 2031 at a passing rent of £520,052 per annum.
Jack Lloyd, Director in the Retail Investment department at Avison Young said:-
“We are delighted to have had the opportunity to again act for Wesleyan in acquiring another prime retail warehouse asset. Old Shoreham Road is one of the UK’s premier retail locations with high levels of demand and a limited supply of accommodation, which is proven by recent letting evidence in Hove. Sites in the locality are also underpinned by residential.”
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