Acting on behalf of a private SIPP, CPNE and Brackenridge Hanson Tate have acquired the Belle Vue retail parade in Hartlepool. The property comprises 5 shops with tenants including a Nisa Convenience Store, Greggs, Vets for Pets and Subway. It forms a busy and popular local centre currently producing an income of £88,430 pax.
A price of £925,000 was paid reflecting a net initial yield of 9.05%. Michael Steel & Co represented the vendor.
The purchasers have a further requirement for such opportunities and are one of the few investors keen to acquire retail investments. Andrew Wilkinson director commented, “Due to Covid-19 more people are shopping locally and our clients are particularly keen to acquire local retail investments.”