11 Aug 2009 07:24
11th August 2009
Development Securities acquires prime retail property
in the heart of Grimsby
Development Securities today announced that it has acquired the freehold of a prime retail property at Victoria Street, Grimsby, for £10.5 million. The 92,300 sq ft department store, let to House of Fraser for an unexpired 30 year term, is located at the centre of Grimsby's retailing core.
The property provides well configured retailing accommodation on ground to second floors, with ancillary space on the third and fourth floors. It has the potential for sub-division to create traditional shopping units at a later stage. The passing rent was £851,000 pa, with a fixed uplift to £986,000 pa due with effect from 30 July 2009, the latter reflecting a net initial yield of 9%.
This deal follows on from last week's announcement regarding the acquisition of a £10m Bank Loan and represents a further utilisation of £100m of equity raised in July.
Matthew Weiner of Development Securities PLC, said:
"This is a very good retail property in the heart of Grimsby with excellent potential to further strengthen the tenant offer and enhance the yield."
Further enquiries:
Michael Marx
Development Securities PLC Tel: 0207 828 4777
Richard Evans/Lucy Grimble
The Communication Group plc Tel: 0207 630 1411