Chelverton Deeley Freed has sold one of the UK’s top-rented retail freeholds, an Argos unit on Upper Bristol Road, Bath, to the Eyre Estate for £10.5m, a net initial yield of 3.95%.
The 11,023 sq ft building with a mezzanine floor and 51 car-parking spaces is let to Argos on a new 15-year lease at a rent of £440,920 pa, equating to £40 per sq ft.
Chelverton Deeley Freed was advised by Atisreal and Markham Vaughan Gillingham Eyre Estate was advised by Stockford Staunton and Smiths Gore.
Rob Atkins of Atisreal’s Bristol office said, “The rent and yield reflect the strength of the market and the general lack of supply of out-of-town retail units in Bath.”
References: EGi News 07/08/06
