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NB secures Boston retail sale

20 October 2010

Acting on behalf of private clients, NB Real Estate – part of Capita Symonds – has sold the new Wickes retail warehouse and Pizza Hut restaurant in Boston, Lincolnshire, to Threadneedle Property Investments Ltd for £5.39m, a yield of 6.59%.

NB Real Estate concluded the freehold deal which comprises a prime 22,689sqft retail warehouse which benefits from an open A1 planning consent; a 3,488sqft restaurant; a 92 space private car park; and a small self contained office suite of approximately 1,004sqft.

The properties are currently let to Wickes Building Supplies for 24.5 years, subject to minimum fixed uplifts, and Pizza Hut for eight years, at a total net rent of £375,794 per annum.

Graham Steel, Director at NB Real Estate, says: “The timing of the sale capitalised on the strong market demand for long dated secure income with guaranteed rental uplifts at review, which made up the majority of the income.”