Helix are pleased to announce the recent deal completed for our client Harmsworth Pension Funds Trustees Limited. We disposed of the freehold investment of Units 1 – 4, Pavilions West, Cygnet Park, Peterborough PE7 8FD for £7,062,500 to Mayfair Capital Property Unit Trust.
Located in a fast expanding suburb, the property comprises four standalone restaurant units totalling 15,812 sq ft. It was bought on a phased forward funding agreement, with construction beginning in 2012 and completing in 2014. The property is currently let to Bella Italia, Chiquito, Harvester and Frankie and Benny’s.
With over 70% of the income stream secured to 5A1 Tenants, and a long WAULT of 17.4 years to expiries, Pavilions West represents a solid investment with a secure income stream.
Isabella Valgimigli, Property and Asset Manager at Helix said: “This transaction forms part of a focused disposal strategy, to identify assets at their peak, dispose and reinvest funds to further enhance the existing portfolio.”
The deal reflects an impressive net initial yield of 5.31%.
Aston Rose represented Helix Property Advisors and Edgerly Simpson Howe advised the purchaser.