Helical Bar buys Stockport retail warehouse
The property investment and development company has bought a 33,000 sq ft warehouse in Stockport along with a 25,000 sq ft unit in Yorkshire for a combined purchase price of £12.1m, a yield of 6.95%.
The warehouses were purchased from an undisclosed UK corporate vendor.
The Cheadle Heath unit is let to B&M, which recently assigned the space from Homebase. The quoting rent is £13.28/sq ft, with 10 years remaining on the lease.
The Yorkshire acquisition is in Hookstone Chase, Harrogate and is let to Currys/PC World at £18.38/sq ft for 11 years.
Jack Pitman, investment director at Helical Bar, said: "These two retail warehouse investments represent high quality, long-term income, and provide a good balance to our lower-yielding central London holdings."
Cushman & Wakefield acted for the vendor, while Wilkinson Williams represented Helical Bar.
