Super Deal in Eastbourne.
Acting on behalf of GE UK Real Estate, the sale of the retail property at 116 Terminus Road Eastbourne was completed at a price that was 8% above book value. The property is let to Superdrug until August 2021 at a passing rent of £131,000pa.
Mike Channing, Director, commented:
“We were very pleased to conclude the sale of this asset, which was over-rented by c30%. Eastbourne has suffered from falling rents like many other town centres over the last few years and the L&G proposals for the significant extension of the Arndale Centre we felt were only likely to undermine any recovery in rental levels in the town in the medium term. Our clients therefore took the opportunity to exit the property at a good premium to book value, whilst there was still a reasonable unexpired lease term”.
Jackson Criss jointly advised GE Real Estate.