Property overview

Poundland, 232-234 High Street, Cheltenham, GL50 3HF

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Franck-Steier Price has recently purchased a prime retail unit on High Street in Cheltenham on behalf of Aberdeen UK Balanced Property Fund (managed by Aberdeen Asset Management).

The property is a three storey building which has been recently extensively refurbished to provide a large ground floor retail unit of 4,782 sq.ft. The upper floors comprise storage and staff accommodation.

The property is let in its entirety to Poundland Limited on a full repairing and insuring lease from 1 April 2010 for a term of 10 years. The current rent is £128,600 per annum which reflects £63.35 Zone A. The lease is subject to an upward only rent review in the 5th year.

The purchase price of £1,870,000 represents a net initial yield of 6.50% assuming usual costs of purchase of 5.7625%.

Joiner Cummings represented the vendor Acaster LLP.