Addington Capital, represented by KLM Retail, has sold the freehold interest of Princes House, Shrewsbury for £12.4m in an off market transaction to private investor clients of Knight Frank.
The 52,500 sq ft property comprises high quality retail and leisure let to tenants including JoJo Maman Bebe, Patisserie Valerie, Starbucks and Côte. The upper floor offices are well let to various government/council agencies. The current rent roll is £844,100 and the sale reflects a net initial yield of 6.4%.
Rob Dales, Partner at KLM Retail said: ‘Prime multi-let properties in right-sized affluent towns continue to experience strong investor demand due to more robust market conditions.’
Alex Wagstaff, Partner at Addington Capital commented: ‘During our period of ownership we have improved the tenant mix with the letting to Côte and regeared a number of leases to provide a platform for growth for the next owner. The retail market continues to provide active management opportunities and we will continue to target the sector.’