New Landlord for Wilkinsons Store
Lupton Fawcett has advised Leeds-based Pickard Properties on its £4,725,000 freehold acquisition of 15 Swan Street, Loughborough, a 38,177 sq ft high street retail store occupied by Wilkinson Hardware Store Limited since 2006 on a 20 year full repairing lease, on an initial yield of 6% net.
This will be Pickard Properties fifth land acquisition in which Wilkinson Hardware Stores Limited is the tenant.
Pickard Properties are experienced landlords to the retail sector and have significant high street properties, nationwide, in their portfolio.
The Lupton Fawcett team was led by Richard Jones, a director in the commercial property department, who comments: "We have been the long term advisers to Pickard Properties and this deal reflects their particularly strong position as a commercial landlord coming out of the current recession. The type of work undertaken on behalf of Pickard Properties is typical of the work we offer to a wide variety of clients on land acquisition, leases and general landlord services".
Jon Stephenson of Leeds based commercial agents Stephenson Day negotiated the transaction and worked closely with Richard Jones in bringing the matter to a conclusion.
Brian Pickard, Senior Partner of Pickard Properties commented: "In these challenging economic times, it is more important than ever that an investor in property ensures that the occupational tenant has a sound covenant strength. Relying on Richard Jones to advise us on all aspects of this transaction, is the service that I have come to expect from him and the firm".