GVA acting on behalf of the Northern Retail Consortium has sold a prominently located prime retail investment at 11/12 Market Place, Morpeth.
The building is let on an overriding lease to Chisholm Bookmakers Ltd with an unexpired term of 8.2 years. The second floor office accommodation is sub-let to D&P Asset Management.
The investment property was sold for £585,000, reflecting a 6.67% Net Initial Yield.
Lynsey Underwood, Investment Surveyor at GVA commented;” We are delighted to have sold this retail investment on behalf of the Northern Retail Consortium. Morpeth is an affluent Northumberland market town with an established retail offering. This sale demonstrates that regardless of the uncertain economic climate, prime retail assets in established pitches continue to attract investors looking for secure income with strong returns.”