Metric Property buys in Hove
Published: 20 January, 2011
Metric Property Investments has bought the PC World store in Hove for £8m
Metric Property Investments has bought a PC World store, located on Old Shoreham Road, Hove from Aviva Investors for £8.05m. The purchase price reflects a net initial yield of 5.7 per cent.
The 19,300-sq ft unit is leased to PC World at £25 per sq ft for a further 13.9 years and there is an unimplemented planning consent for an additional 10,000 sq ft.
Following this acquisition, Metric has an investment portfolio of £157m across 11 schemes with rents averaging £13.30 per sq ft and an unexpired lease length of 11.1 years. Occupancy is 97 per cent by rental income.
Andrew Jones, Chief Executive of Metric, said: "We are pleased to be able to secure this off-market opportunity in a strong and undersupplied destination like Hove. It provides a further example of a retailer inspired deal where Metric has been able to leverage its strong retailer relationships to identify an acquisition with asset management opportunities. Dixons already trade exceptionally well from the site and we look forward to working with them to achieve their optimum store format."
Wilkinson William advised Metric. CBRE advised Aviva.
