Sheffield property agency advises on two retail deals worth £1.25 million
Sheffield-based property agency Commercial Property Partners (CPP) has advised on two retail investment deals in West Yorkshire and East Midlands, worth a combined total of £1.25 million.
The properties were in South Elmsall, near Pontefract and New Ollerton, near Nottingham.
CPP acted on behalf of the vendor, Lincoln-based property developer and investor Resilienti. Leeds based commercial investment agent Stephenson Day acquired the properties on behalf of a private Irish investor.
Roger Haworth, co-founder and partner at CPP, commented: “These were two excellent investment opportunities. The 8,000 sq ft property in Barnsley Road, South Elmsall is occupied by The Original Factory Shop, whilst the New Ollerton property, which is a similar size, is occupied by W Boyes and Co. Both are well-known and well-established businesses.
“Both properties have strong covenants and long leases, with rents in the region of £7 per sq ft and yields at more than 8 per cent. They are low risk investments, and I am not surprised they were snapped up,” he said.
Mr Haworth said these deals reflected a renewed investor confidence in the East Midlands and the North of England, as the market in the South-East “overheated.”
“As confidence returns to the UK property market, there is a weight of money ready to be invested. This weight of money is finding its way from London and the South to the Midlands and the North, which is providing a timely boost to regions which were badly hit by the recent recession”.
Tom Day, a director of Stephenson Day, commented: “Investors are gaining increasing confidence in the provincial markets with the occupational fundamentals improving. This transaction is typical of the current market where international buyers are dominating”.
Mr Haworth added: “These deals also underlined the scope of CPP’s expertise. We are a cross-sector agency, dealing not only with industrial/logistics agency and investment, but also offices, retail, land and development consultancy.
“Our regional focus is on Yorkshire, the North Midlands and the North East. Few, if any, of our rivals cover this extensive area from one office, so our large geographical scope will give us a major advantage when advising our clients and sourcing and concluding deals,” he said.