Broadway, a recently completed freehold retail development on Springwell Road, Sunderland, which is let to Co-operative, Vets 4 Pets, a Costa franchise and Greggs generating rental income of £115,000 per annum, has been acquired by Derwent Manor Ventures advised by Johnson Tucker for £1,805,000 reflecting a net initial yield of 6.01%.
East of the city centre the development has a high-profile situation in a predominantly residential area of the city with good access to the A19.
Daniel Capobasso, Partner in Investment Agency at Johnson Tucker LLP commented “the acquisition shows the demand from private investors in the North East for securely let retail assets, particularly for new build assets in strong locations, such as this”, Mr Capobasso added; “my client is particularly happy with their new purchase, which compliments their existing property portfolio extremely well”
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