New River snaps up units

Aim-listed New River Retail has bought a portfolio of six long-leasehold retail units from Redevco for £19million.

The portfolio totals 308,400 square foot with an average rent of £6.21 per square foot, reflecting a net initial yield of approximately 7.75 per cent.

The properties are:
• Basingstoke, 4 London Mall, 23,000 sq ft let to Wilkinson.
• Canterbury, 17 St Georges St, 26,800 sq ft let to Wilkinson.
• Glasgow, 127-135 Trongate, 150,400 sq ft let to TJ Hughes.
• Harlow, 39 The Broadwalk, 26,400 sq ft let to New Look.
• Poole, 97a Dolphin Centre, 34,700 sq ft let to Wilkinson.
• Romford, 25/29 Market Place, 47,000 sq ft let to TJ Hughes.

The funding came from Santander.