We can confirm our purchase of 182 Shoreham Road, Hove, a Retail Warehousing scheme let to Homebase, for £15,250,000.
The 35,500 sq. ft. (3,298 sq. m.) scheme is situated on the busy and prominent Old Shoreham Road on the west side of Hove. The purchase reflects a net initial yield of c.5.1% with 8 years remaining on the lease.
Tim Wilmer, Investment Director, Hargreaves Group comments: “The site benefits from a high density population with a relatively low level of retail warehousing supply, and comprises approximately 3 acres,”
Managing Director Alastair Skinner comments: “The purchase of this prominent retail warehousing site in Hove illustrates our ambitious growth plans for The Hargreaves Group for 2022 and beyond, and our investment strategy to acquire well located commercial investments with scope for asset management across the South East.”
Hargreaves was advised by KLM Real Estate. LaSalle was advised by Savills.