ISIS Property, acting for FP Life Assurance, has bought a 45,400 sq ft (4,218 sq m) block of eight shops in South Shields from Cheval Properties for £11.5m.
Retailers at the units on King Street include Boots, Phones 4U and Argos.
The total passing rent of £693,500 pa gives a net initial yield of 5.89%.
CB Richard Ellis acted for ISIS. Fineman Ross advised Cheval Properties.
References: EGi News 25/06/04
