24th September 2020
Martin’s Says Site Primed For Future Mixed-Use Scheme if Lloyds Does Not Renew Lease.
Martin’s Properties, the property investment and development company based in Central London and operating throughout the South of England, has bought a mixed-use investment on Guildford High Street for £4.86m, reflecting a net initial yield of 8.26%, CoStar News can reveal.
The property is a Grade II* listed building comprising 17,272 sq ft with a frontage of 42 ft let to Lloyds Bank Plc on a full repairing and insuring lease for a further six years, producing £427,650 pax.
Richard Bourne, Managing Director, Martin’s Properties comments: “This acquisition demonstrates our appetite for high quality assets that deliver long term value as we continue to expand our portfolio and deliver income and capital growth. Guildford is a hugely affluent town and considered one of the premier retailing locations within the UK and we expect prime locations such as this to perform well in the long term.
Brook Stotesbury, Commercial Asset Manager, Martin’s Properties comments: “This is a prime unit in a prime pitch within a prime south east town and it offers an attractive net initial yield alongside good optionality for a future mixed-use scheme, should Lloyds decide not to renew. Therefore we expect this asset to deliver strong long term performance. .”
Tom Martin, Chairman Martin’s Properties comments: “Richard and our team continue to be active purchasers despite the widespread uncertainty in the market, selectively seeking the right opportunities. Guildford is always on our radar due to its strong location, affluence and well-functioning retail and leisure offer.”
Joiner Cummings advised Martin’s Properties and Green & Partners advised Royal London Investment Management.
Link here for the full article.
By Paul Norman