The deal reflected a net initial yield of 4.6% on the property which is let to five national tenants; East, French Connection, Country Casuals, The Clinkard Group and Carphone Warehouse. The purchase price reflects the future potential in Guildford which is in demand with retailers and where there is a clear shortage of good space. The property is directly opposite a large development site that is the focus of a long-standing plan by the local authority in Guildford for a shopping centre development. The plans include facilitating John Lewis’s requirement in the town.
Following the purchase, GCW has been retained to deliver the business plan it wrote on purchase by managing the tenant mix and driving rental growth.