SPP Investment Management has bought its third investment in Doncaster, South Yorkshire, in nine months. This purchase means SPP now owns a 2,185 sq m (23,519 sq ft) block of prime retail space in the town.
The latest acquisition is 10 Frenchgate, bought from Britel for £1.79m. The sale price reflects an equivalent yield of over 6.5%. The 1,000 sq m (10,763 sq ft) property is let to Currys until 2005, and the lease has recently been assigned to HMV for a substantial premium.
In December 1995, SPP bought 1, 2, 3/4, 6 and 6a Baxtergate from Unilever Superannuation Fund for £3.27m. The parade totals 999 sq m (10,750 sq ft) and is let to H Samuel, Radio Rentals, Tie Rack, Birthdays and Dixons.
In March 1996 the Swedish fund bought 12 Frenchgate from Old Mutual Life for £475,000.
Savills advised SPP throughout. Douglas Stevens acted for Britel, Jones Lang Wootton for Unilever and Richard Ellis for Old Mutual.
SPP’s chief investment officer Philip Ingman said the fund was reinvesting the proceeds of some large sales in smaller properties throughout the UK. His current priority is the purchase of West End offices and industrial stock in the Midlands and South East.
EGi News 11/09/96
