Evolve Estates has purchased the freehold interest two retail warehouse sites at 630 Anlaby Road and 350 Preston Road in Hull, East Yorkshire.
The investment comprises two sites, housing three purpose built foodstore premises, with a combined annual rental income of £162,000.
630 Anlaby Road houses two units on a 1.39 acre (0.56 hectare) site. Unit 1, totalling 6,084 sq ft (565 sq m), is let to Iceland Foods on a 15-year lease from Dec 2013, providing a rental income of £45,000 pa, with fixed upward rent reviews. And Unit 2, totalling 11,022 sq ft (1,024 sq m), is let to Poundstretcher on a 25-year lease from April 2011 at £45,000 with upward only rent reviews.
The 2.187 acre (0.88 hectare) site at 350 Preston Road is also let to Poundstretcher on a 25-year lease, from April 2011, at an annual rent of £72,000 with five yearly upward only rent reviews. The property totals 14,415 sq ft (1,339 sq m).
Dan O’Keefe, partner at Evolve Estates, comments: “These are sound, high-yielding investments of purpose built premises. Both covenants are excellent and we believe there is rental growth.”
Mason & Partners advised Evolve Estates and Fawcett Mead advised the vendor.
