Threadneedle Property Investment, advised by Fineman Ross and Fawcett Mead, has purchased the long leasehold interest in 15-33 Union Street, Bristol BS1 from F&C Reit Asset Management for £8,585,00, reflecting a net initial yield of 9%.
The modern, purpose built retail and leisure development comprises four ground floor retail units, let to Wilkinsons, Subway, KFC and Kemps jewellers, with a gymnasium on the first floor. The annual rental income totals £855,500 and the average weighted unexpired lease term is 12.2 years.
GVA advised F&C Reit Asset Management.
