Wallis’ Southport store sold

The freehold of a building occupied by ladies fashion retailer Wallis in central Southport has changed hands between private investors at £960,000, reflecting a net initial yield of 6.5%.

The shop building, over basement, ground and three upper floors, at 55 Chapel Street, was sold by private clients of Tushingham Moore to a private investor client of Robert Pinkus & Co.

The 4,477 sq ft property is let to Wallis on a 25-year lease at £66,000 a year, equating to £90/sq ft zone A.

Danny Pinkus, partner at Robert Pinkus & Co, said: "This transaction shows the continued strength of the prime investment market and the desire for investors to minimise their risk in commercial property."

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