Newcastle based Chartered Surveyors Johnson Tucker has completed the acquisition of six retail properties for Newcastle based property company Highbridge Commercial Limited.
The properties which are let to a range of nine tenants including One Stop and Lloyds Bank also incorporate residential accommodation on the upper floors.
Daniel Capobasso, head of investment at Johnson Tucker, said “the shops we purchased offer Highbridge a high blended yield of 11% and an opportunity to add value by letting some of the vacant space. We are already starting to work on three lease renewals and a rent review. In addition, 36% of the income is very secure, being let to One Stop and Lloyds bank, with approximately 12 and 5 years unbroken, respectively.”
Daniel adds “our client is continuing to acquire similar properties, particularly those portfolios offering a varied risk profile and opportunities to add value, through letting vacant parts, development as well as rent reviews and lease renewals.
If you have similar properties to sell please contact Daniel Capobasso on 0191 269 7897 or email email@example.com