INVESTMENT ACQUISITION - 31 IVEGATE, BRADFORD
AWS acting for a private Client completed the purchase of a prime retail unit at 31 Ivegate, Bradford.Completion Date: 30/10/2006
The property comprised a Victorian stone fronted building providing accommodation on basement, ground and two upper floors in the fully pedestrianised Ivegate within the centre of Bradford.The property is let on a 25 year lease from January 1993 to TUI (UK) Ltd on assignment from Lunn Poly on a full repairing and insuring lease.
The basement and two upper floors have been sub let with a Tanning Studio.
The property, whilst providing good security of income in addition, has the potential for future residential development on the upper floors which AWS will be pursuing for the purchaser.
The property has been purchased for an undisclosed price but reflecting a net initial yield of 7.25%.