Helix, on behalf of Derby Property Investments Limited, has sold the long leasehold interest in 11-13 Above Bar Street, Southampton SO14 7DX to Craigard for £1.9 million, reflecting a net initial yield of 11.87%.
The high street retail investment comprises two units, totalling 7,211 sq ft (670 sq m), arranged over ground and two upper floors. Number 11 is let to Santander UK plc and number 13 is let to Yorkshire Building Society. The units provide a combined annual rental income of £238,725.
“This opportunity complements our portfolio as it is in a fantastic location with some real potential,” comments Paul Foster, Managing Partner of Craigard. “We have purchased with a syndication of investors, so will be working to ensure maximum value for them, and a great deal for the tenants.”
Fineman Ross advised Helix and the purchaser was represented by Bilfinger GVA.
