Invista Foundation Property Trust has announced the sale of a retail unit in York to an in-house fund of Nightingale Partners. The £1.9 mln (EUR 2.17 mln) disposal price reflects a net initial yield of 5.5% and was 9.8% above the 31 March 2009 valuation, the company said in a press release.
Invista Foundation Property Trust has announced the sale of a retail unit in York to an in-house fund of Nightingale Partners. The £1.9 mln (EUR 2.17 mln) disposal price reflects a net initial yield of 5.5% and was 9.8% above the 31 March 2009 valuation, the company said in a press release.
The property is a period building on the established prime retailing pitch of Parliament Street in York. Vodafone signed a new 10-year lease on the property from February 2009 at a passing rent of £110,000 per annum reflecting a Zone A rate of £167.50 per sq ft.
Invista said the property was sold to take advantage of current strong private investor demand for small, well-let investments. Invista Foundation Property Trust is managed by Invista Real Estate.
This acquisition represents the first private treaty transaction for Nightingale Partners’ in-house fund which had previously been targeting auction lots. The fund is targeting lot sizes up to a maximum of £2.5 mln.
Invista Real Estate was represented by Green & Partners.