FPPS - Retail - Wrexham, 2 & 4 Regent Street

Date: 15 May 1998

FPPS continues its strategy of disposing of smaller lot sizes in order to acquire larger unit investments with the recent sale of two retail sites in Wrexham and Worthing for close to £2.8 million.

FPPS, acting on behalf of Friends Provident, has sold 2 & 4 Regent Street, Wrexham to Prudential Nominees Ltd for £1,775,000. The deal represents a yield of 6.26%.

No 2 Regent Street, which provides 338.4 sq m (3,643 sq ft) of space arranged over four levels, is currently occupied by Walker & Hall Ltd on a 25 year lease which expires in May 2004. The deal was based on a rent of £59,250 per annum with five yearly upwardly only rent reviews.

No 4 Regent Street is let to Clinton Cards at a rent of £56,000 per annum with five yearly upward only rent reviews on a 20 year lease which expires in February 2016. The building extends to 222.5 sq m (2,395 sq ft) over three floors.

FPPS and Mason Owen & Partners (Liverpool) represented Friends Provident in the negotiations, and Healey & Baker acted for Prudential Nominees Ltd.

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