Lewis Investment, advised by Hartnell Taylor Cook, has acquired a prime retail investment located on Taunton’s popular Fore Street for £4,895,000, reflecting a net initial yield of 5.75%.
40 – 42 Fore Street is a large prominent retail store extending to 33,553 sq ft, let to TK Maxx on a lease expiring 2031 and generating an annual income of £300,000. The unit is situated overlooking Market Square, Taunton’s retail core on the partially pedestrianised prime pitch of Fore Street. Nearby retailers include Marks and Spencers, WHSmith and Waterstones.
Ian Lambert, Investment Partner of Hartnell Taylor Cook LLP said: “We are delighted to have advised Lewis Investment on what is their second major acquisition in the town. This is a great purchase due to its re-based rent, the excellent covenant of the tenant and its prime position in the town,”
The freehold interest has been sold by an institutional Investor, advised by GCW.
