We are delighted to announce the completion of a new investment purchase for the Prideview Group in an amazing location.
Here at the Robert Irving Burns Group, we are always looking for investment purchases for a wide range of clients. This means that we are experts at identifying and analysing opportunities to get the best property for a given client’s investment portfolio. One investment which we have recently made was on behalf of private clients of commercial property agents the Prideview Group.
We acquired a freehold interest in 19 Frimley Road in Camberley which was let to The Southern Co-operative Ltd for a term of 15 years from 8th July 2013 at a current rent of £61,713 per annum exclusive of VAT. This is subject to retail price index (RPI) reviews every five years which are collared and capped at 1% and 4% respectively. Additionally, there are 6 flats which have been sold for a term of 125 years from 1st July 2013 producing a fixed ground rent of £900 per annum for the term. The property was purchased for £1.178m which reflects a net initial yield of 5% for our client.
Our Investment and Development Director Mark Hoffman who acted on the purchase had the following to say on the deal: “We were delighted to acquire this off market supermarket investment at a yield which we believe represents excellent value for our client. The property is a 5A1 covenant in an affluent Surrey location with the benefit of the freehold interest of the entire property. This made it a fantastic investment for our client, we are always on the lookout for more opportunities like this and have many buyers with different investment profiles looking for the ideal property.”
We look forward to completing many more investment purchases for our diverse client base in the near future and are constantly searching for new opportunities.
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