Property consultants Alder King have acquired the freehold interest of a retail unit let to Iceland on Fore Street, Bodmin, for £750,000 on behalf of a private investor. The purchase reflected a net initial yield of 7.56%.
The property is situated in the town’s prime retail pitch on Fore Street and comprises 4,700 sq ft of ground floor retail space with ancillary storage at basement and first floor level. It is let on a 10 year lease from July 2013 to Iceland Foods Ltd, which currently operates from 790 stores across the UK and opened 33 new stores in the last year.
Gemma-Jane Ogden of Alder King’s investment team says: “The property represents an attractive investment as it is let to the strong covenant of Iceland Foods Ltd, with 10 years term certain on the lease. The property’s location in a strong trading position was a key aspect that appealed to the purchaser.”
Alder King acted on behalf of a private client and Jonathan Martin & Co advised the vendor OLIM Property Ltd.
