Acting on behalf of Moretons Investments, Clifton Agency have completed the acquisition of 208-220 Commercial Road & 7-13 Crasswell Street, Portsmouth.
This high yielding and well secured freehold investment in the City Centre was bought for £3,900,000, reflecting a net initial yield of 9.90%.
The property comprises an unbroken parade of seven retail units and a self-contained office totalling some 15,558 sq ft. The total majority rebased income was £412,500 per annum and tenants include Nationwide (55% of the income), Specsavers, Greggs and Kokora.
Ben Simpson commented:
“After first selling a property in Salisbury to Moretons last year, we were delighted to work again with the Brighton based property company and acquire this prime south coast property. The parade provides value-add asset management initiatives including lease regears and the potential future redevelopment of the upper parts.”
Please get in touch with the team at Clifton Agency for further information on this deal or to discuss your requirements.
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