Pair of retail assets on Leamington Spa retail parade acquired for £1.68m
Two neighbouring retail properties on Leamington Spa’s Regency Parade in the West Midlands have been acquired by a family owned business for a combined £1.68m.
The Dougall Group, which focuses on convenience retail, has acquired 38 and 40 Parade in a deal supported by Bond Wolfe.
Number 38 extends to 3,497 sq ft and is let to Danish variety store chain Flying Tiger Copenhagen, producing a passing rent of £75,000 a year.
Number 40 spans 3,377 sq ft and is let to men’s fashion house Moss Bros at a passing rent of £55,000 per annum.
Both units include ground floor retail areas, first floor shop storage and staff facilities, with access to the rear for deliveries via a service yard.
Other nearby occupiers include Tesco, McDonalds, and Café Nero.
James Mattin, managing director of Bond Wolfe, said: “The annual rental income from these properties totals £130,000, which equates to a healthy net initial yield of 7.29 per cent.
“It is an attractive location for investors to put their money, and the combined sale of 38 and 40 Parade typifies this.”
CBTC West Brom advised the vendor.