Property overview

Franck-Steier Price Ltd (FSP) have recently completed the acquisition of a prominent retail parade in the spa town of Buxton on behalf of Royal Ordnance Pension Fund.

The block of retail is located opposite the Spring Garden shopping centre in the prime pedestrianised part of the town centre.

The parade comprised six retail units with upper floors. Tenants included Mountain Warehouse and Vodafone. The average unexpired terms on the retail units were over 9 years. The combined rental from the property was just over £190,000 per annum.

The property was purchased for £2,575,000 which represents a net initial yield of 7.00%, assuming full costs of purchase of 5.75%.