JR Capital purchases Leeds City Centre asset for £4.35m
The freehold property, purchased during the lockdown, is leased to Costa Coffee for 10 years and Ask Italian for 23 years. The selling price reflects a net initial yield of 7%.
Caleb Stewart, Investment Manager, JR Capital, said: “Despite the short-term uncertainty we believe the pricing of this deal represents good value for fundamentally strong real estate and it will perform well over the longer term.
“The distress we are seeing in the UK high streets during the lockdown, coupled with the price adjustments we have already seen over the past two to three years is now creating attractive buying opportunities. We expect to be active in the sector over the coming 12 months.”
Avison Young in Leeds acted for JR Capital.
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