26 Penny Street, Lancaster, LA1 1AU
Franck-Steier Price have recently completed the sale of a prime retail unit in Lancaster for DS Properties.
The property is situated on Penny Street and comprises a ground floor retail unit with two upper floor of ancillary accommodation.
The property is let on a 15 year lease from 1 December 2010 to Holland and Barrett Retail Ltd. The lease is held on full repairing and insuring terms subject to five yearly upward only rent reviews. The rent is £114,750 per annum.
The purchaser was CBRE Investors, represented by Harmer Ray Hoffbrand, who paid a price of £1,575,000 reflecting a net initial yield of 6.89% assuming costs of 5.80%