Hargreaves Group has announced it has completed the purchase of a Retail Warehousing scheme from LaSalle Investment Management, let to Maplins and Halfords on Winchester Road, Basingstoke in the sum of £5,550,000 reflecting a yield of 5.9%.
The 16,054 sq. ft. (1,491.47 sq. m.) two unit retail warehousing scheme is situated to the west of Brighton Hill Retail Park, adjacent to Home Bargains and opposite Hobbycraft and Axminster Tools & Machinery. The scheme benefits from Open A1 (Part Food) planning consents and provides an annual income of circa £346,283 per annum.
Alastair Skinner, Commercial Director for Hargreaves Group said “the purchase is the first of a number that Hargreaves Group are looking to conclude by the Summer of 2017 and will provide scope for asset management opportunities by way of terminating the Management Agreement and initially operating the estate ourselves in a traditional Hargreaves manner. It also confirms the appetite and ability Hargreaves has to acquire investments in and around its core portfolio.
