LONDON (Alliance News) - Highcroft Investments PLC Friday said its property owning subsidiary has acquired a freehold retail warehouse investment in Crawley, West Sussex in a GBP2.6 million deal.
Rodenhurst Estates Ltd, Highcroft's property-owning unit, has acquired the 6,889 square foot warehouse from Halifax Pension Nominees Ltd. The property is let to Pets at Home Ltd until October 2029 on a current annual rent of GBP164,568.
"This is an attractive purchase for which we had to compete strongly. The development activity in the immediate vicinity and adjoining this property will strengthen this retail warehousing location and should provide good evidence for an increase in rent upon the next rent review in 2019," said Simon Gill, the Chief Executive of Highcroft.
Highcroft shares were untraded on Friday at 845 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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