Newport Holdings has bought a town centre retail investment of 13 shops in Cannock, Staffordshire, for £3.2m.
The company bought the head lease of the property from a subsidiary of Frogmore Estates and is paying £2.9m cash and the rest in shares. The 13 retail units, which include occupiers such as Boots, Leeds Permanent, the Post Office, Co-Operative Wholesale Society, and Granada TV, produce £290,000 pa.
However, rent for the scheme, which is underlet to Cannock Chase District Council for over 100 years, is expected to rise to around £330,000 pa following rent reviews.
Peter Lewin, Chief Executive of Newport, said: “In this currently strong property market the acquisition of a major retail investment is an important addition to our quality portfolio. The opportunity to have issued new shares in Newport to the Vendor is especially welcome.”
EGi News 11/02/98
