On behalf of a Kent based family trust, AS Retail are delighted to have advised on the investment acquisition of 129/131 Terminus Road, Eastbourne for a price in excess of £2.0m.
The property sits in an excellent location by the entrance to The Arndale Centre, comprising two prime retail units with ancillary accommodation. They are let to Laura Ashley and Shoe Zone on permanent leases with a rent roll of £140,000 per annum exclusive and the investment was acquired at an initial yield of just over 6%.
Laura Ashley are a quintessentially British lifestyle brand, providing high quality home furnishing and women’s fashion with over 190 stores in 29 countries. Shoe Zone are the dominant UK retailer in the value shoe sector being established in 1917 and currently trading from 500 stores.
Andrew Shepherd commented “Eastbourne is a strong retail location dominating it’s immediate catchment. It is improving, further owing to the exciting extension to The Arndale Centre and we believe the fundamentals are in place to benefit from increased retailer demand and future rental growth. We are delighted to have secured this opportunity on behalf of our clients as part of evolving their portfolio.”