Huddersfield Wickes traded
4 March 2024 22:09
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First Property Group has sold the 28,400 sq ft Manchester Road retail warehouse ahead of the asking price of £3.96m.
Xprop advised the vendor, with Gary Scorah’s Commercial Properties business acting for the buyer, a private investor. Xprop is a specialist in out-of-town retail and alternative use properties, with offices in London and Leeds.
A deal at the asking price would have reflected a net initial yield of 7.75%.
Wickes has occupied the building since it was developed in 1995, renewing again in 2020 until mid-2030.
The rental income is £326,000 per year, or £11.50 per sq ft. An upward-only rent review is due in 2025.
