HPPUT, a fund managed by Helix Property Advisors, has acquired an out-of-town leisure development on Etruria Road in Hanley, Stoke-on-Trent, from Characin Developments.
The fund paid just under £6.7m – a 6% yield – for the 15,000 sq ft scheme, which has attracted prelets to operators including TGI Friday’s, Nando’s, Costa Coffee and Bella Italia.
It will be held on a 15 year-lease, producing £400,000 pa.
Jennifer Cottle of Helix Property Advisors said: “Linking the A53 with Hanley, Etruria Road has become an important retail and leisure destination in Stoke-on-Trent, and this acquisition offers great potential for future growth through active management.”
Characin Developments was advised by Sladen Estates, which will act as development manager in the delivery of the scheme.
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