Naylors sell prime retail site in Berwick
Following an extensive marketing campaign Naylors Chartered Surveyors have sold a significant prime retail investment in Berwick upon Tweed, showing a return of 8.2% on behalf of Moorgarth Property Investments Limited.
Scotsgate House, which was on the market at an asking price of offers over £1.1 million, is located on the main retail street of Marygate in Berwick’s town centre. Over 80% of the property’s income is secured to Iceland until 2028 with the remainder of the retail space being let to Ladbrokes, also on a lease until 2028. The sale price reflects a net initial yield of around 8.2%
Fergus Laird, head of investment at Naylors commented: ‘This property offered a rare opportunity to acquire larger footplate retail premises, which are in short supply in the heart of the town centre. The building is let to two undoubted tenants on relatively long leases in this busy Borders market town.’
The property, which was acquired by a private investor, is located at the northern end of the street close to Scotsgate Arch and the large Co-op superstore. It comprises a traditional mid-terraced property with over 7,700sqft of ground floor retail space with the upper floor residential premises sold off independently. The purchaser was represented by Dixon & Co.