Lewis Innovative Investment, advised by Hartnell Taylor Cook LLP, has acquired a well secured retail investment located in Bristol’s Broadmead for £1,300,000, reflecting a net initial yield of 7.8%.
This purchase represents the 62nd lot acquired by the Lewis Investment Sydicate, who already own an investment in Bristol. The investment comprises the long-leasehold interest in 2-8 The Horsefair and 60 Union Street, two prominent retail units located close to Primark, Marks and Spencer and H & M, situated on the busy junction of The Horsefair and Union Street. The property is let to The Royal British Legion and The Works at a passing rent of £118,000 per annum.
Gemma-Jane Ogden of Hartnell Taylor Cook LLP said: “We were delighted to act for Lewis Innovative Investment on this acquisition. The property is in an excellent position in Broadmead and let to the undoubted covenants of The Royal British Legion and The Works on a re-based rent.”
Summary of deal:
Tenure: Long leasehold subject to 2 leases let to The Works and The Royal British Legion, with 7 years remaining.
Property Address: 2 – 8 The Horsefair and 60 Union Street, Bristol, BS1 2DL.
Accommodation: 2 – 4 The Horsefair and 60 Union Street:- GF 1,667 sq ft; 1st 1,979 sq ft; 2nd 1,894 sq ft; Basement 401 sq ft; TOTAL 5,941 sq ft.
8 The Horsefair:- GF 1,898 sq ft.
Vendor: Confidential
Vendor’s Agents: CBRE
Purchaser: Lewis Investment Syndicate
Purchaser’s Agent: Hartnell Taylor Cook LLP
