Craigard has purchased a 4,271 sq ft retail premises in Central Southampton for £1.15million.
The unit, located in a prime pitch on the high street in Southampton, Above Bar, is let to a reliable and well-established tenant, Specsavers. Specsavers has recently agreed a lease renewal on a new five-year term with a re-based rental income of £91k per annum showing its commitment to the property and location.
The decision to purchase the unit fitted perfectly with the existing portfolio. “Having previously purchased properties either side, it made perfect sense to purchase the middle unit,” comments David Foster of Craigard. “We’ve created a terrace of four units which gives us different options for the future. The nice thing about this particular asset is that it is a freehold whereas most of the properties along Above Bar are long leaseholds from the Council and the tenant offers a strong covenant in the current climate – everyone still needs their eyes testing now and again!”