Williams Tarr, advised by leisure specialist Jenics, has sold a newbuild restaurant investment, let to Nando’s, at Stockport’s Peel Centre Retail Park to Trustees of Sheffield Mutual Friendly Society for £1.15m, representing a net initial yield of sub 6.0%.
The 2,781 sq ft restaurant in Great Portwood Street, is let to Nando’s Chickenland on a 20-year lease from September 2012, with a tenant break at 15 years, at a rental of £72,322 a year.
Jeremy Collins, director of Jenics, said: “The deal was completed in just under three weeks and attracted a significant amount of interest, due to the building’s age, its location alongside a thriving retail park and strength of tenant covenant.”
Ed Wilkinson, managing director of Williams Tarr, said: “Jenics acquired this site for us just over three years ago when it was being closed down. With their advice we redeveloped the site, agreed a deal with Nando’s and are now delighted to have secured a buyer for the freehold in such a short space of time.”
Trustees of Sheffield Mutual Friendly Society were represented by Edwards & Co.