Market town retail specialist Glenstone Property Investment has bought a portfolio of six shops from a private client of Mason Philips for £3.04m. The price reflects a net initial yield of 7.3% and a reversionary yield of 7.5%.
The shops are located in Newport, Isle of Wight, Kings Lynn, Norfolk; Wells, Somerset; Herford; Bicester, Oxfordshire and Romsey, Hampshire.
Commenting on the deal, Glenstone Property Director Duncan Kennedy said: “We have substantial holdings in the high street already and we felt this portfolio fitted very well with what we already own.”
Glenstone has a portfolio of 180 shops nationwide, all located in market towns.
EGi News 27/06/97
