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Alder King achieves investment sale of Gloucester retail warehouse

PUBLISHED: 17:16 13 October 2014 | UPDATED: 15:14 27 October 2014

1 and 2 Eastern Avenue Gloucester (Photo: Hi-Pix Photography Ltd)

1 and 2 Eastern Avenue Gloucester (Photo: Hi-Pix Photography Ltd)

www.hi-pix.com

Property consultants Alder King, acting on behalf of the Rowe Group, have secured the freehold investment sale of Units 1 and 2 Eastern Avenue, Gloucester, two modern retail warehouses situated on the A38.

The 22,663 sq ft property was sold for £4.25 million to NewRiver Retail reflecting a net initial yield of 8.3%. The purchaser was advised by Strutt & Parker. The property, located in Gloucester’s core retail warehouse location, is let to DSG Retail (trading as PC World) and Magnet until 2021 and 2024 respectively and produces a combined annual rental of £373,100. Oli Stretton from Alder King’s investment team said: “We are retained by the Rowe Group to provide strategic asset management advice across its property portfolio. The successful disposal of this asset, achieved at a figure above the quoting price, will facilitate re-investment into the Group’s target sectors.”

Alder King LLP is a leading independent property consultancy and 13 times winner of the Estates Gazette ‘Most Active Agent’ award. Established in 1911 and employing around 150 people, it is one of the largest provincially-based property consultancies operating in the United Kingdom with seven offices in Bristol, Cardiff, Exeter, Gloucester, Swindon, Taunton and Truro. As market leaders in the South West working in both the public and private sector, Alder King is owned and managed by 43 partners and offers unrivalled market knowledge in all areas of commercial property ranging from:

· Agency & Development– offices, industrial, retail and leisure agency, residential and

commercial development and viability in planning

· Asset Recovery – receivership, volume recoveries and lender support services

· Building Consultancy – dilapidations, project management, refurbishment and construction,

surveys and investigations and due diligence

· Business Rates – 2010 Rating List appeals, rates payments and empty rates advice

· Investment & Asset Management – acquisitions, disposals, asset management, development

funding and energy

· Planning Consultancy – appraisals, representations, planning applications, appeals and

expert witness, management and EIA, consultation, obligations and viability, due diligence

and briefs and scheme design

· Property & Facilities Management – property management, accounting services, facilities

management and service charge consultancy

· Valuation, Lease Advisory

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