Investing in the high street
Fenn Wright secured the purchase of 17 – 21 White Lion Street, Norwich, in a deal that delivers an initial yield in excess of 8.25%.
Lewis explains: “Currently let to Hughes Electrical and Holland & Barrett, the property generates annual rental income of £167,000, with a minimum term of 9 years on the leases.
“The property is in a very prominent position next to the Castle Meadows Shopping Centre, with heavy foot-fall shops such as Greggs, Specsavers, Primark and Ladbrokes nearby.
“The acquisition price we achieved for our client reflects excellent value at a time when the market trend is showing a hardening of yields for well let investments such as this”.