A prime retail investment in Berwick upon Tweed has been sold showing a a return of 8.2% on behalf of Moorgarth Property Investments Limited.
Scotsgate House, which was on the market at an asking price of offers over £1.1m, is on the main retail street of Marygate in Berwick’s town centre. More than 80% of the property’s income is secured to Iceland until 2028, with the remainder of the retail space being let to Ladbrokes, also on a lease until 2028. The sale price reflects a net initial yield of around 8.2%
Fergus Laird, head of investment at selling agents Naylors, said: “This property offered a rare opportunity to acquire larger footplate retail premises, which are in short supply in the heart of the town centre.”
The mid-terraced property, acquired by a private investor, is over 7,700sqft of ground-floor retail space with the upper-floor residential premises sold off independently. The purchaser was represented by Dixon & Co.