UK commercial and residential real estate investor and developer, Sunnyday Capital, has announced the acquisition of the long leasehold interest of 94-98 Broadmead and 44-58 Union Street, Bristol for £5.65 million from a private overseas investor, reflecting a net initial yield of 10.80%,
Situated in a prime retail position in Bristol city centre, the 11,000 sq ft property is currently let to Tesco trading as Metro with a lease expiring December 2016 and producing a yearly rent of £596,000.
There are also an additional three retail units comprising a total of 2,800 sq ft which are currently let to tenants including Yorkshire Building Society at a yearly rent of £86,000.
Founding Partner of Sunnyday, Didier Tandy, said: “This property offers our type of value-add opportunity given the ongoing regeneration in the area and an expectation that Tesco will wish to retain this busy store post lease expiry.”
Lambert Smith Hampton acted for Sunnyday while Michael Elliot acted for the vendor.
Sunnyday Capital has bought and sold over £2.5 billion of assets in the UK since 2002, and during 2014, completed £20 million worth of transactions.
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