Hare Hatch Real Estate Ltd, represented by international real estate advisor Savills, has sold a retail unit let to Poundworld in St Albans to a private investor for £2.1m, reflecting a net initial yield of 6.1%.
The 17,482 sq ft (1,624 sq m) store, which is let to the discount retailer until 2025, is located close to the bus terminus at the northern end of St Peter’s Street. Nearby occupiers include Premier Inn, 99p Stores, Metro Bank, The Entertainer and Thomas Cook.
Ned Jones, investment director at Savills, commented, “This prominent retail investment combined an affluent location with a good covenant, attracting strong market interest that resulted in a sale at our quoting terms. We are pleased with the robust sale price achieved on behalf of our client.”