National Provident Institution have been active in the shops market recently, buying freeholds in London, Chester and Bedford.
They have bought 80 King’s Road, Chelsea, for about £1m. It is let to Associated Restaurants, trading as Pizzaland, at £47,500 pa, although this is to be reviewed in December 1991. The purchase was completed within three weeks of Schroder Life Assurance accepting their offer.
St Quintin, who acted for NPI, say that they expect a yield of around 5%. Weatherall Green & Smith acted for Schroder.
Meanwhile, in Chester, NPI have bought the flying freehold of 29-31 Bridge Street Row East for £620,000. The vendors were an unnamed institution.
The shop has a frontage of 29 ft and depth of 60ft 5 in, has 2,300 sq ft of selling space on ground and first floors, 754 sq ft of ancillary space and a flat. It is let to Lakeland Sheepskin Centre on a 35-year lease at a rent of £33,000 pa.
Mason Owen & Partners acted for the vendors, while NPI were advised by St Quintin.
In Bedford, NPI have bought the freehold of the department store at 26-36 Silver Street and 3-5 Harpur Street from Heron Sellar Properties for £2.88m.
The store, on ground, first and second floors with offices on the third, is currently occupied by Beales. Part of the ground floor has been sublet to Ratners and Benetton and the current income is £165,000 pa.
St Quintin acted for National Provident Institution.
