16 August 2011
Acting on behalf of DTZ Investment
Management, Capita Symonds has completed the purchase of a freehold
retail and office investment in Guildford from Wereldhave for
£6,100,000 representing a net initial yield of 6.8%.
The 15,500 sq ft property at 73/75 North
Street comprises four retail units arranged over ground floor and
mezzanine, and an office arranged over the first to third floors.
It has a car park to the rear offering future potential to extend
the retail units.
The retail tenants are Maison Blanc, Sally
Hair and Beauty, Sanrizz and Sevenoaks while the main office tenant
is Lloyds TSB Bank PLC which has over six years term remaining.
The client Sarah O’Brien at DTZ Investment
Management, commented: “We were delighted that Capita Symonds
brought this deal to us. The property is located in a strong
secondary trading location, in one of the few towns where Zone A
rates have grown over the last few years. The asset provides strong
property fundamentals with good prospects for ongoing rental
growth.”
Commenting on the deal, Andrew McDonald of
Retail Investment, Capita Symonds said: “This is an excellent
strategic purchase for the client who has recognised the asset
management potential within the parade and, with some hands on
management, can look forward to strong rental growth and investment
performance.”