Market Leads & Opportunities
Listed firm splashes £6.4m on Portsmouth retail space
A retail property in the heart of Portsmouth has been acquired by AEW UK REIT for £6.4m.The listed busines has bought 208-220 Commercial Road and 7-13 Crasswell Street, which provides a net initial yield of 9.6 per cent and is fully let to seven retail tenants and one office tenant.Located within the pedestrianised pitch of Commercial Road, the 15,553 sq ft retail property is directly opposite the main covered shopping centre, The Cascades, which is anchored by Primark, H&M, Next and Marks and Spencer.AEW UK highlighted that as part of the ‘Shaping Portsmouth’ development initiative, the city is set to receive £1bn of investment from both public and private sector organisations over the next 20 years.
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