Lewis Innovative Investments, advised by Hartnell Taylor Cook LLP, has acquired a convenience retail investment located in Bristol’s Broadmead for £2,175,000, reflecting a net initial yield of 6.2%.
This purchase represents the 44th Lewis Investments Syndicate and comprises the long-leasehold interest in 86-88 Broadmead, a prominent retail unit located between Marks & Spencer and Tesco Metro. The unit is let to Sainsbury’s Supermarkets Ltd on a new 15 year lease at a passing rental of £150,000 per annum.
Sainsbury’s occupy the whole of the 3-storey building with a ground floor sales area of 3,451 sq ft and ancillary accommodation on first and second floor. The unit totals 11,105 sq ft.
Gemma-Jane Ogden of Hartnell Taylor Cook LLP said: ‘We were delighted to act for Lewis Innovative Investments on this acquisition. The property is in a strong convenience location in Broadmead and the let to the undoubted covenant of Sainsbury’s on a re-based rent.’
JLL advised the vendors Aviva Investors.
