Oddfellows fund buys Focus store
A 25,000 sq ft unit in Belper has been sold for £3.5m on behalf of investment management business Valad. The site, which is leased to DIY retailer Focus, has been sold to the Oddfellows Property Fund.
Cheetham & Mortimer, the Manchester retail and leisure property consultancy, sold the freehold of the unit in Chapel Street on behalf of the vendor.
The sale price represents a yield of 7.43 per cent. The purchaser was advised by Christopher Dee. Focus continues to occupy the property on a reversionary lease that expires in 2019. The property has the benefit of a full open A1 use planning consent.
Robert Millington, investment partner at Cheetham & Mortimer, said: “Despite ongoing concern about the financial stability of the tenant company, this sale demonstrates that investors recognise the merits of acquiring property where a flexible planning permission supports a strong residual value.”
