Altitude Investments, a boutique investment agency based in The Midlands & the South West, are pleased to announce the completion of the purchase of Old Red Lion Court shopping arcade, Stratford upon Avon on behalf of a private trust.
The property comprises 11 retail units which front Bridge Street in the centre of town, let to a mixture of local and regional covenants. Bridge Street is one of the busiest pitches in Stratford, connecting the high street to the waterfront, by the Royal Shakespeare Company theatre in the beautiful town of Stratford Upon Avon. The asset produces £299,500 per annum and was acquired for £3,540,000 with a NIY of 7.9% and a potential reversionary yield of over 9%.
George Turnbull of Altitude comments “It’s great to agree this deal with FSP and CBREGi. It grows the regional holdings of the trust and offers a decent return in a prime Midlands town. Altitude have drawn up a comprehensive asset management strategy which will be undertaken by their sister company Altitude Asset Management, and they plan to work through and add value over the coming years”
Altitude have already issued terms to two prospective tenants in the first month of ownership, which will bring the courtyard to 100% occupancy.
This is the second deal that Altitude has completed in 2018 giving a real kick start to the year, the first being a £2.6m acquisition in Taunton.
Altitude continue to act for a number of private individuals, property companies and family trusts, as well as undertaking some institutional work.
George continues “as ever, we have a long list of clients and investors that we have built up a solid track record and great relationships with. We continue to seek further investment opportunities across the UK from £1-£20m, with some value add mandates and some income requirements.”
