RED sells Blackpool store

Real Estate Development Partnerships has sold 47-53 Abingdon Street, Blackpool for £705,000, reflecting a net yield of 8.05%, to Solid Investments.

RED bought the store in February and agreed a new lease with Caversham Trading which trades as Brighthouse.

Damian Flood, director of Real Estate Development Partnerships, said: "This transaction reinforces our relationship with both Brighthouse and Santander Corporate Banking in terms of performing to our business plan in a testing economic climate. We now aim to build on both relationships by progressing a targeted acquisition strategy to meet both parties requirements."
The original deal was backed by Santander Corporate Banking.

Real Estate Development Partnerships was set up by Damian Flood and James Ridings in 2009 to offer its investor partners the opportunity to take advantage of their significant expertise in the UK property market.

Tushingham Moore advised Real Estate Development Partnerships.