BIRMINGHAM - Saltley Gate, 1 High Street, Saltley

SOLD  August 2010

Modern, long leasehold (125 years) cash and carry investment in a prominent location with excellent road frontage to the High Street.  3,949 sq m (42,516 sq ft) unit let to Booker Limited until 2025.

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SHEFFIELD - The Portergate, Ecclesall Road

ACQUIRED  June 2010

Excellently located office investment, providing easy access to Sheffield City Centre.  Modern well specified building providing 4,717.96 sq m.

Let to Norwich Union Life and Pensions Limited for a further 9 years with future change of use potential.

TUNBRIDGE WELLS - Longford House

SOLD   June 2010

Freehold, well maintained office investment, situated in the prime office pitch of this affluent south east town.  The building has a good letting history and there are asset management opportunities including re-gearing the lease to the Inland Revenue or re-furbishing their accommodation and re-letting.

Sold for £3,300,000 reflecting a Net Initial Yield of 9.9%.

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SUTTON IN ASHFIELD - 44 Station Road, NG17 5FP

SOLD  June 2010

Town Centre Retail Warehouse Investment situated in a popular market town.  Large site totalling 2.1 acres providing retail warehousing of 2,439 sq m (26,253 sq ft).  Let to Wickes Building Supplies Ltd with a reversionary lease from 29 September 2011 in place expiring 28 September 2026.

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BATTERSEA - 31-32 Battersea Square & Cotswold Mews

SOLD   June 2010

Attractive freehold restaurant and office investment with parking.  A courtyard style development with approximately 933 sq m (10,040 sq ft) of offices.

Sold for a sum, significantly over the asking price.

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BRISTOL - Queen Square

ACQUIRED  April 2010

Long lesehold interest in 10 Queen Square, Bristol acquired for Threadneedle's Property Unit Trust.

The building was comprehensively refurbished in 2004 and is let to four tenants generating £336,688 per annum equating to £18.87 psf overall.  Tenants include Rathbone Brothers Plc, Turley Associates, Sybase and Peter Brett Associates.  One of the tenants has already approached Threadneedle to regear their existing lease.

The property in Bristol's historic prime office core was acquired for £4.1 million reflecting a net inital yield of 7.11%.

CROYDON - Grants

ACQUIRED  March 2010

Scottish Widows Investment Partnership Property Trust has purchased the freehold interest in 148,526 sq ft (13,798 sq m) of leisure, retail, restaurant and bar space from Capital & Regional's X-Leisure Fund.

Tenants include Vue Entertainment Ltd, Nando's Chickenland Ltd, JD Wetherspoon plc, Mitchell & Butlers Retail Ltd, A3D2 Ltd and Holmes Place Health Clubs Ltd and produces an annual rental income of £2,640,331.

The purchase price was £32,500,000 which reflects a net inital yield of 7.68%.

DEBENHAMS PORTFOLIO

ACQUIRED  February 2010

The portfolio comprises of 6 Debenhams department stores in Canterbury, Eastbourne, Harrow, Sheffield, Stratford upon Avon and Taunton.  The income produced totals an approximate £5.312m per annum.  All the properties are let to Debenhams Retail Plc for a term of 25 years from 25th March 2004 and the leases benefit from annual fixed retail increases.

The portfolio was acquired for a UK Institution for £73,000,000 which reflects a yield of 6.8%.

REIGATE - Liberty Court, 101-103 Bell Street

SOLD  August 2010

Prominent freehold office investment with car parking situated in the affluent town of Reigate which has excellent communications.  Multi-let to 4 tenants which include Renault UK Ltd and KCA (UK).

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LONDON SW18 - Sainsbury's Earlsfield

ACQUIRED   February 2010

Sainsbury's Local, The Magdalen Development, Earlsfield on behalf of a UK Institution.

The ground floor supermarket acquired on a new 999 year lease forms part of a large residential development located adjacent to Earlsfield Railway Station.  Let to Sainsbury's Supermarkets Ltd until July 2024 with 5 yearly rent reviews linked to RPI compounded, capped and collared at 5% and 2% at an initial rent of £290,000 per annum.

There was competition from both Tesco and Marks and Spencers for the unit when let in July 2009, additionally Sainsbury's confirm it is the best trading Local Store they opened in 2009.

The purchase price on £5,515,000 reflects a NIY of 4.97%

MILTON KEYNES - CBXII

SOLD  February 2010

The National Investment team have sold for Henderson's Casper Fund the Central Business Exchange (CBXII), Milton Keynes for £20.65m reflecting a net initial yield of 9.6%.

CBXII is a 148,000 sq ft mixed office and leisure scheme in the heart of Milton Keynes. The building has 17 tenants with a mix of short and medium term income.

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NORWICH - Focus DIY, Gateway Eleven Business Park, Wymondham

SOLD  January 2010

Freehold Retail Warehouse Investment, prominently situated adjacent to the A11 on the established Gateway Eleven Business Park and opposite a Waitrose foodstore.

Sold for £5,040,000 reflecting a net inital yield of 8%.

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CROYDON - Tramms Indoor Market

SOLD  January 2010

A freehold retail investment with development potential.  Two storey building totalling approximately 24,187 sq ft.

Sold for £2million.

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FOLKESTONE - Tesco Express, Foord Road

SOLD  January 2010

Tesco Express, Foord Road, Folkestone on behalf of a private property company.  The ground floor convenience store was sold on a new 999 year leasehold at a peppercorn and was let to Tesco Stores Limited for 15 years with 5 yearly rent reviews linked to RPI capped and collared at 1% & 4%, the initial rent is £60,000pa .

The property was sold to a private investor for £1,030,000 reflecting a NIY of 5.5%

THE HAWK PORTFOLIO

ACQUIRED  December 2009

National Investments have acquired The Hawk Portfolio for Hermes on behalf of the BT pension scheme.  The portfolio comprises 18 properties across the UK (from Bognor Regis to Edinburgh, and many in between). There are over 100 tenancies in 600,000 sq ft and the income produced is approximately £4.45 million per annum.

The transaction was concluded at a price of £55,169,000 which reflects a yield of 7.7%. 

ROCHESTER & ISLINGTON

ACQUIRED  December 2009

National Investments have acquired two convenience stores with associated filling stations on behalf of PRUPIM.  The convenience stores, located in Islington and Rochester are let to Co-Operative Group with a further 18 years unexpired.  The stores produce a total rental income of £286,110 pa and benefit from 2% fixed uplifts receivable annually.

The purchase price of £4,500,000 reflects a Net Initial Yield of 6% and adds to the £20m portfolio of convenience stores that were acquired for PRUPIM in 2009.

CARLISLE - English Street

ACQUIRED  December 2009 

The retail unit, let to WH Smtih until May 2022, was acquired for £2.55 million reflecting a net inital yield of 6.21%

BRISTOL - Aztec Centre

ACQUIRED  December 2009

Prominently located on Aztec Business Park, the building has the only retail offer on the park with offices on the upper floors. Let on two leases the building has been sub-let to a number of tenants and therefore offered asset management opportunities.

Acquired for £8,175,000 reflecting a net inital yield of 10%.

ROMFORD - Chaucer House & Hexagon House, Mercury Gardens

SOLD  December 09

A prominent Town Centre investment with mixed use development potential, extending to approximately 0.97 hectares (2.4 acres). 

Sold in excess of asking.

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NORTHAMPTON - Peacock Place Shopping Centre

SOLD  December 09

A freehold Shopping Centre investment providing 64,914 sq ft of retailing accommodation.

Sold for £5.15m

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MAIDSTONE, SWINDON & TONBRIDGE - Commercial Receivership Portfolio

SOLD  December 09

Three freehold commercial investments including a well located 8,056 sq m (86,721 sq ft) town centre mixed use building in Maidstone; a 4,813.1 sq m (51,809 sq ft) refurbishment opportunity of a town centre office building in Swindon; and a modern industrial distribution warehouse in Tonbridge providing approximately 9,476.9 sq m (102,011 sq ft).

Sold for  £25m.

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CHESHAM - Howard Industrial Estate, Chilton Road

SOLD  December 09

Freehold multi-let industrial estate with active management opportunities, located in a key south east town on a 1hectare (2.55 acre) site.

Sold for £2.5m reflecting a net initial yield of 8.9%.

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