NEWS ARCHIVE

TARGETFOLLOW SELLS £2.6MILLION OF PROPERTIES IN SCOTLAND | 12/08/04

Targetfollow, a leading East Anglian property investment and development group, has sold properties totaling 32,135 sq ft in Scotland for £2,645,000.

Market Cross Shopping Centre, Hamilton comprising 8,494 sq ft; 43 Bridge Street, Linwood comprising 7,600 sq ft; and Comet Store, South Street, Elgin, comprising 7,896 sq ft have been sold to Annfiled Assets for £1.82 million. The Hamilton and Linwood properties are let to Kwik Save on a lease with just under 10 years unexpired and the Elgin property is let to Comet Group Plc with over 13 years unexpired lease. The total rent is £134,850 per annum and the initial yield is 7% assuming costs at 5.75%.

Comet Store, Dundee, comprising 16,041 sq ft has been sold to Comet Group Plc for £825,000. It is let to Comet Group Plc at a rent of £3.74 per sq ft on a 25 year lease from June 1989. The initial yield is 6.87%.

Commenting on the sales, Ian Fox, Investment and Development Director at Targetfollow said “We are delighted to have achieved these sales so soon after putting theses properties on to the market. It shows the buoyancy of the retail market in Scotland.”

For further information, please contact:

Ian Fox
Targetfollow
Tel: 01603 767616

Molly Dover / David Foxman
Tavistock Communications
Tel: 020 7920 3150