Dougall Group has acquired two neighbouring retail properties on the Regency Parade in Royal Leamington Spa for £1.68m.
The 3,497 sq ft unit at 38 Parade is let in its entirety to Danish variety store chain Flying Tiger Copenhagen at a passing rent of £75,000 a year, and 40 Parade extends to 3,377 sq ft and is let in its entirety to men’s fashion house Moss Bros at a passing rent of £55,000 per annum.
Ricky Dougall, owner and director of Dougall Group, said: “We are delighted to have acquired these two prominently positioned assets in Leamington, which will be a great addition to our expanding portfolio.”
James Mattin, managing director of Bond Wolfe, which advised on the acquisitions, added: “We are delighted to be continuing our successful run of retail investment sales in the centre of Royal Leamington Spa. The annual rental income from these properties totals £130,000 which equates to a healthy net initial yield of 7.29%. It is an attractive location for investors to put their money, and the combined sale of 38 and 40 Parade typifies this.”
Knights of Solihull provided legal advice for the buyer and CBTC West Brom advised the vendor.
