8 Wickes Units
Cyril Leonard advised Investra Capital on a sale and leaseback with Travis Perkins the owners of Wickes. The portfolio comprised 8 Wickes units in Bridgewater, Burgess Hill, Christchurch, Corby, Halifax, Midsomer Norton, Norwich and Stowmarket. The properties were all leaseback to Wickes Plc., for a term of 15 years subject to 5 yearly upward only rent reviews.
The purchase price was circa £37.8m to show a net initial yield of 5.7% increasing to 7%. Cyril Leonard then advised on the subsequent sale of the Burgess Hill unit at a price reflecting a net initial yield of 4.75% and profit on cost of 20%.
Acquisition & Disposal