Jack Wills store in Beverley acquired in £1.4m deal

A property investor has acquired the retail unit of national clothing brand Jack Wills in Beverley in a £1.4m deal.

Carrick Real Estate, the commercial investment property advisor, completed the off-market purchase of the retail unit from a JV of London & Lothian and Cosmic Securities for £1.372m, reflecting a net initial yield of 5.5%.

59 Saturday Market, a Grade-II listed building, occupies a position on the western side of the town’s market. Jack Wills has let the unit on a new 10-year lease at a rental income of £80k per annum.

In recent years, Beverley has attracted a number of niche retailers to the town, including JoJo Maman Bebe, Seasalt, Crew, Joules and Hotel Chocolat.

Speaking about the deal, a spokesperson for Carrick commented: “We are witnessing robust investor demand for single-let retail investments with good covenants in strong market towns and this acquisition certainly underlines that trend. Beverley boasts an impressive retail offer”

Reid Rose Gregory acted for London & Lothian and Cosmic Securities.

Carrick Real Estate acted on behalf of a private investor.