Acting on behalf of Quartz Investments, Franck-Steier Price have acquired a multi let retail investment in prime Newark town centre, next to M&S and opposite Boots.
The property is located on Stodman Street close to both St Marks Square Shopping Centre and Market Place.
The property is let to three tenants, Monsoon, Superdrug and Dorothy Perkins. The leases had expires between 2021 and 2031 with two tenant break options in 2019 and 2021. The combined rent was £263,500 per annum.
The investment was purchased for £2,750,000, reflecting an initial yield of 9%. Savills acted for the vendor.