Matalan, 100 Churchgate, Leicester, LE1 4AL
Franck-Steier Price has recently completed the sale of a retail warehouse investment on behalf of CBRE Global Investors.
The property is located on corner of Vaughan Way and Churchgate in Leicester city centre and comprises an open A1 1979 built retail warehouse extending to 21,144 sq.ft with 62 car parking spaces.
The property is let to Matalan Retail Ltd, guaranteed by Matalan Ltd, for a term of 25 years expiring 11 August 2023. The current rent is £182,500 per annum. The lease is held on full repairing and insuring terms subject to 5 yearly reviews to open market value.
The property was purchased for £2,675,000 which represents a net initial yield of 6.45%, assuming full costs of purchase of 5.8%.
The purchaser was A&J Mucklow represented by Philips Sutton.