Morrison Developments has sold a 2,645 sq m (28,477 sq ft) retail investment at 33-43 Strand Street, Douglas, Isle of Man, to Bilsdale Properties for £5.25m. Construction of the scheme is currently under way with completion due in July 1997.
Littlewoods has signed up for a 35-year lease on a 2,424 sq m (26,095 sq ft) unit while Pickwick, part of the Gulton Group, has taken a 25-year lease on a 214 sq m (2,302 sq ft) unit. The investment will generate £385,000 pa. The sale price reflects an initial return of 7.33%.
The scheme is located within the “Douglas 2000 initiative” and will benefit from 100% Capital Allowances in 1998.
Hanline Associates represented Bilsdale Properties and Hill Woolhouse advised Morrison Developments.
- Morrison has let the 1,951 sq m (21,000 sq ft) former Marks & Spencer store in Douglas to Boots on a new 25-year lease at £285,000 pa.
EGi News 03/03/97
