HPPUT, represented by Helix Property Advisors, has purchased the investment of a 15,000 sq ft, out-of-town leisure development on Etruria Road, Hanley, Stoke-on-Trent, from Characin Developments Ltd for £6,675,000.
The property will be let to TGI Friday’s, Nando’s, Costa Coffee, Bella Italia on completion and will be held on 15 year leases producing an annual income of £400,000. The transaction reflects a yield of 6%.
Jennifer Cottle of Helix Property Advisors said: “Linking the A53 with Hanley, Etruria Road has become an important retail and leisure destination in Stoke-on-Trent, and this acquisition offers great potential for future growth through active management.”
Characin Developments Ltd was advised by Sladen Estates who will act as Development Manager in the delivery of the scheme.