Member Article

Hanro acquires two investments for £7.66m

Hanro, the Newcastle-based privately owned property investment and development group, has acquired the Mecca Bingo unit, East Street, Gateshead, and the Aldi Foodstore and Topps Tiles outlets on South Road, Alnwick, for a combined price of £7,660,000.

The two retail and leisure investments have a joint income totalling £625,584 per annum which equates to a blended initial yield of 7.66%.

Erin Peart, Head of Property at Hanro comments: “We are delighted that Knight Frank was able to source these deals for us as they provide good income streams let to strong covenants at an attractive yield when compared to historically low interest rates.”

Dickon Wood, partner, investment agency, Knight Frank adds: “Given continuing Brexit unsureness, high-yielding investments let to good covenants, set against historically low interest rates, are prudent ways to generate income and asset value.”

Knight Frank advised Hanro while the Gateshead vendor was advised by Lewis & Partners and MHPI advised the vendor of the Alnwick investments.

This was posted in Bdaily's Members' News section by Knight Frank .