Sale price of £3.9m reflecting 10.00% NIY.

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£3.9m Sale Price
10.00% Net Initial Yield

What challenges did our client have?

AEW wanted to dispose of their high street investment asset on Commercial Road, Portsmouth. Cited were in the process of letting two of the prime units in the parade to Kokomo and Specsavers, and so any sale needed to be timed to capture the full value impact of these.

How did Cited solve the challenge?

Cited recommended a targeted marketing campaign of the investment.  Using our real-time knowledge of the active investment buyers, we were able to secure multiple offers for the asset. Terms of sale were agreed with a buyer that were conditional upon the completion of the ongoing lettings.

What was the result for the client?

The sale exchanged in line with the agreed timescales, with completion following a short while after the completion of the lettings.

The sale completed at a price approximately 25% in excess of the client’s current valuation.

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"Our involvement on this asset stretches back to 2017 when we helped AEW on the acquisition. Since then our team have remained involved, helping to bring new life to the parade with occupiers including Specsavers and Kokora. It was a pleasure to be asked to assist on the sale, and to achieve such a fantastic price, some 25% ahead of valuation, was a great way to complete the story."

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AEW Bradley Maher - Director

"This was a complicated purchase of multiple assets located nationwide. The challenge was largely the appeal, as we could see real value creating potential in this portfolio. Once we had agreed the purchase, off-market, we helped our client prioritise the most attractive value-enhancing asset management. Cited's existing relationships with occupiers and the agency community helped us significantly improve the purchase metrics ahead of the purchase completion."

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Evolve Estates Bradley Maher - Director

"Cited are committed to deliver on Claire’s business plan of 10+ new stores a year in the UK, entering new locations, as well as relocating existing stores. At Cited, we pride ourselves on our ‘hands on’ approach to work. From identifying new store opportunities on town trips, negotiating terms, through to completion, we ensure we are there every step of the way to advise our client as best as possible. "

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Claire’s Accessories Josh Gettins - Surveyor
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