June 2023
GCW has advised RO Real Estate on the disposal of two high street assets. The successful sales in Bury St Edmunds and Northampton build on a longstanding support to drive value across the investor’s evolving property portfolio.
RO Real Estate is a subsidiary of RO focused on active asset management, refurbishment and development. The business has developed a close relationship with GCW in recent years, using its leasing and investment expertise to help maximise value. A recent drive to transition RO’s portfolio from high street retail to office and industrial has now secured two key disposals.
In November 2022, RO Real Estate sold The Old Library in Bury St Edmunds to Millfield Estates for £1.767 million with an NIY of 8.45%. The Old Library is a flagship building in the affluent market town. Located on an island site in the heart of the historic centre, it comprises 10,000 sq ft of retail space occupied by a Halifax bank, boutique café, and Sofas & Stuff showroom. Despite the challenge of a long leasehold, the GCW team secured a keen price for the grade II listed building, reflecting Bury’s enduring appeal.
Building on that success, GCW has also secured the disposal of another RO Real Estate asset in Northampton. In January, Panah Childrens Charity paid £900,000 at an NIY of 11.57% for 40 Abington Street. The 7,000 sq ft prime retail unit is let to Clarks until September 2027. The deal was a good result for RO and reflected the resilience of the town’s retail pitch.
GCW Surveyor Will Mead said: “These disposals are testament to the great work we’ve been doing for RO Real Estate. We have developed a strong relationship, adding value thanks to our town centre experience and expertise. We have other deals in the pipeline and look forward to continue adding value.”