23 Jan 2012
VBRi Disposes of Two Assets
23rd January 2012 – During Q4 2011, VBRi sold two retail investments, 15 Market Street, Leicester, acquired by Pixieacre and Portland Square, Bakewell, acquired by a private investor. These disposals resulted in sales proceeds of £2.9 million to VBRi, and a combined yield of 8.4%.
Portland Square, Bakewell comprised 17 retail units totalling 9,630 sq ft and at the time of sale was fully let with a WALT of 6.5 years and a passing rent of £215,800.
15 Market Street, Leicester is a single retail unit, let to Toni & Guy, with a passing rent of £42,000 and a WALT of 3.4 years.
David Ebbrell the partner at M7 who managed the sale commented “The disposal of these two retail assets is part of VBRi’s strategy to divest of stabilised, non-industrial assets, having added value though the letting of vacant units, providing funds for re-investment into multi-let light industrial assets and for other value enhancement and improvement works to its retained assets”.