APAM has completed the sale of Clive Parade, Cricklade Road, Swindon

APAM has completed the sale of Clive Parade, Cricklade Road, Swindon on behalf of Värde Partners to London & Cambridge Properties Ltd off a net initial yield reflecting 7.44%.
The property which comprises 12 retail units over 2 parades totals 12,758 sq ft and is let to KFC, Ladbrokes, Lloyds Pharmacy and Pizza Hut, a Vetinary Practice as well as a number of independent retailers. The annual rent roll is £186,500 pa. In addition there is one unit sold off on a long lease to the Co-Op as are the upper floors which are sold off to the Southern Housing Group.
Adam Hyman, Senior Asset Manager at APAM commented: – “APAM acquired the property on behalf of Värde & Partners in late 2014 as part of a larger portfolio from the Local Shopping Reit and since then we have been actively working on improving rental levels and lease lengths. We recently agreed terms for a new 15 year lease with one of the existing tenants in the parade off a record rent equating to £30 Zone A. The price agreed was conditional upon this lease renewal completing.”
The buyer was represented by Allsop and Stratton Creber Commercial. APAM was unrepresented.
 

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