In its latest deal, CPT has acquired the freehold of 63-65 Above Bar Street, Southampton, a prominent corner block just north of West Quay shopping centre.
The 7,600 sq ft unit is leased to Bank of Scotland plc (trading as Halifax) on a new 10-year lease at market terms.
The purchase price was £4.015 million, reflecting a 6.1% NIY.
The acquisition is CPT’s third this year following the purchase of a multi-let industrial estate in Thatcham (also in Hampshire) and a Travelodge hotel in Gosforth (Tyne & Wear).
Michael Cunningham, Cordatus director, said: “We continue to see opportunities in the market which meet our key themes of offering attractive income yield, solid locations and good growth potential. Southampton delivers on these and, combined with our acquisitions in Thatcham and Gosforth, demonstrates our ability to source attractive opportunities. Although market conditions remain challenging with regards to supply of suitable stock, we remain focussed on adding to the CPT portfolio in the near future and positive about our ability to work with the market to do so.”
Cushman & Wakefield acted for Cordatus and Hartnell Taylor Cook acted for the vendor.
Source: CoStar
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