Acting on behalf of Thackeray Estates, Clifton Agency has completed the sale of 2-2A Commercial Street, a prime reversionary city centre retail investment.
After competitive interest from a wide variety of investors the property was sold at its asking price of £2,000,000 to a private investor, reflecting a 6.58% Net Initial Yield.
The property is let in fully to Signet Trading limited t/a Ernest Jones until June 2032 (subject to a June 2028 tenant break option) and generating a passing rent of £140,000 pa. Signet Group have been trading the property since 2015 and are set to refit the store and rebrand as a Jaeger LeCoultre and Panerai. Planning permission has also been granted to convert the upper parts to a 5 bed HMO providing future optionality.
The property is located within the heart of Leeds’s jewellery Quarter and in close proximity to the Trinity Shopping Centre. Nearby occupiers include Berry’s Jewellers, H Samuel, Omega, Rolex, Tag Heuer, Beaverbrooks and Goldsmiths.
This sale marks Clifton’s 2nd sale in Leeds city centre in the past two months and we remain very active throughout Yorkshire. If the team here can help with any of your buy or sale side requirements, then please do reach out.
It was great to work on the sale alongside our joint agents and friends at Jackson Criss. We are busy selling another well secured retail investment for Thackeray Group in Wandsworth. For further information on this particular showroom investment then please visit the current sales section of our website.
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