£5m property deal for prime Stratford retail site

A PRIME retail unit in Stratford-upon-Avon has changed hands for £5m.

Mabey Property has sold the shop, which is let to Boots, to Hawbridge Properties.

Boots has a lease for the 16,800 sq ft store until 2021, at an annual passing rent of £280,000. The deal reflects a net initial yield of 5.25%.

Mabey Property was represented by real estate advisor Savills, while Hawbridge was advised by High Street Investment.

Ned Jones, investment director at Savills, said: “This prime retail investment combines a strong covenant and re-based rent with a high footfall location and therefore attracted significant interest. We are pleased with the swift result achieved on behalf of our client.”