Above Bar - Purchased September 2013
17 Above Bar
The property was acquired at an initial yield of 13.4% due to the fact that the tenant was not a major covenant and had a break in 2016 – which in practice they did not exercise.
The top floor fl at was also derelict which has now been refurbished and re-let along with the first floor on a new 15-year lease. The ground floor lease renewal is due in 2020 and the plan is to hold the asset for income and capital growth until that point.
11-13 Above Bar
Consolidating holdings in this locality and acquired as a separate syndicate, this property is split into two separate retail units constructed in the 1960s. Purchased for £1.9million, the price reflected an initial yield of 11.9%.
Santander vacated their unit on lease expiry in 2019. The space is in the market to be re-let. A very good lease renewal was settled with Yorkshire Building Society who now remain as a solid long term tenant for the next 10 years.
Current rental income is £238,725 pa.