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 has vacated the property as a tenant and its lease expires in 2019. The unit is now in the market. Terms are close to agreement with Yorkshire Building Society for its lease renewal.
Current rental income is £238,725 pa.