A high street retail unit in Chester city centre has been acquired by listed property investment company Custodian in a deal worth more than £2m.
The property, let to TSB and Chesca, is located on the pedestrianised Eastgate Street near Cath Kidston, Jack Wills, Kuoni Travel, H Samuel, Fat Face and Jaeger.
The tenants’ leases expire between September 2019 and March 2020 with a total passing rent of £128,000 per annum, reflecting a net initial yield of 5.87 per cent.
The agreed purchase price of £2.05m was funded from the company’s existing debt facilities.
Richard Shepherd-Cross, managing director of Custodian Capital, the company’s discretionary investment manager, said: “We are delighted to have secured this property located within the prime retail pitch, adjoining an existing Custodian REIT property. Read More