Retail parade in Buxton is sold for £2.4m
Property firm Metis Real Estate has acquired a multi-let retail parade in Buxton on behalf of private clients for £2.435.
The deal for Spring Parade reflects a net initial yield of 9.5%.
The parade, which is situated on the pedestrianised Spring Gardens is fully let and anchored by Mountain Warehouse, Argos, White Stuff and Timpsons.
Rafi Margulies, senior surveyor at Metis, was involved in the negotiations.
He said: “With over 75% of this scheme let to national covenants and the majority of the occupiers having been in situ for over 15 years, this was an excellent asset to complement our client’s portfolio.
“There is also the opportunity to add value and redevelop the upper floors into residential accommodation enabling our client to capitalise further on this investment in the long term.”
Franck-Steier Price (FSP) acted on behalf of the vendor, CBREGi.
