Reflecting a net initial yield of 5.75%, Real Estate Investment Partnerships and Hardy Mill Properties have sold a retail site on the corner of Talbot Road and Victoria Street in Hyde to a private investor.
The development on the site of the former Bay Horse pub was bought by the developer in 2015, and work started the following December. The Co-Op was the first tenant to sign up, taking 3,500 sq ft and opening in August 2017.
REIP has also signed up White Cross Vets as a tenant in a 2,000 sq ft unit. The site sits on the main link road between Hyde and Stalybridge, and planning permission was secured for the pub’s redevelopment in October 2015.
Simon Gallanders, director at REIP said: “When we bought it we saw a lot of potential and our aim was to build something that would really benefit the local community. It is well located to provide a much needed amenity for locals as well as those passing between Stalybridge and Hyde.”
REIP was advised by Metis on the deal, and the consultant’s investment director Jonathan Phillips said: “The development will prove very beneficial for the local area and also demonstrates the continued Investor appetite for lengthy income streams secured against strong covenants”.