Cervidae, the real estate investment and asset management firm, has acquired a high yielding retail warehouse investment in Bolton.
The property forms a 15,000sqft warehouse, let to Halfords on a lease expiring in 2028 and is prominently situated, opposite Burnden Retail Park and close to Manchester Road Retail Park
Cervidae purchased the 1.3-acre site on behalf of a family office. The deal continues the strategy of purchasing well-located assets, after careful analysis of location specific demographic trends.
A spokesperson from Cervidae, said: We are delighted to have completed another purchase, especially during these challenging times. With this purchase, Cervidae have benefitted from an ability to act decisively and perform quickly, achieving a 10%+ yield reflecting significantly better value than the original asking price of the investment.
James Kinsler of Christopher Dee acted on behalf of the vendor. Ollie Rowe of Avison Young acted as purchasers agent.
Cervidae together with Active Value Capital have made their first purchase for their new Joint Venture, having acquired an Industrial estate in the Hitchin area for c£11.5m on behalf of clients. The price reflects a net initial yield of 7.1% and a capital value of c£61/sqf.
The Estate comprises 188,000 sqf of industrial, warehouse and business accommodation across 18 buildings. The estate benefits from high levels of occupancy and provides affordable rental tones when compared with the wider location. The individual units on the estate offer flexible accommodation and have attracted long standing occupiers made up of both local and national businesses.
With this purchase, Cervidae continue to expand on their strategy to identify real estate opportunities with a focus on value in strong locations which are underpinned by local market dynamics.
Commenting on the purchase David Wise, Managing Director of Active Value Capital said, “We are very excited to have made the first purchase for our new JV with Cervidae. The property offers our clients an attractive value add asset and we will now be seeking more assets which offer an attractive yield and the potential to add value through our active value approach”.
Cervidae are pleased to announce completion of the sale of St Marks Apartments in Lincoln to Straits Capitol a subsidiary of Singapore Press Holdings (SPH). The sales price achieved was in excess of £9M.
Cervidae originally purchased and developed the site in Lincoln City Centre in 2013 to provide 120 rooms with a nominations agreement in place to UoL. At expiry of the nominations agreement in 2016, the site was comprehensively refurbished to provide best in class accommodation in the town.
Since 2016, St Marks Apartments has been direct let and managed by Collegiate AC, a premium student accommodation provider and enjoyed 100% occupancy at premium rents for the town.
A spokesman for Cervidae commented. St Marks Apartments presented the opportunity to develop and subsequently re-position an asset creating added value. At point of sale, Cervidae delivered St Marks Apartments as a premium product, with a proven track record of occupancy and rental growth.
The sale was marketed by Cushman Wakefield`s Manchester office.
Cervidae, the real estate investment and asset management firm, has acquired Bards Walk, a prime retail & residential site in the centre of Stratford, for £7.25 million.
The block is well located, fronting Wood Street and Henley Street on the prime pitch opposite Shakespeare’s birthplace. The building is leased to a range of tenants including Pret, Pandora & The Coventry Building Society.
Cervidae purchased the 35,000 sqf building overlooking the Cathedral on behalf of a family office. The deal continues the strategy of purchasing well-located regional city centre assets with potential for both capital improvement and increased income generation.
Cervidae was advised by Lewis & Partners.
A spokesperson from Cervidae, said: “Stratford upon Avon is an affluent & culturally important town, famous for its close relationship to William Shakespeare. Bards walk sits on the prime pitch opposite Shakespeare’s birthplace with a footfall of over 100,000 per week. We are looking forward to implementing our business plan and converting the upper parts into a viable use for the town centre.”
One Didsbury Point in Didsbury has been bought by Cervidae, the London-based real estate investment and asset management firm, for £11m.
The 545,000 sq ft, four storey office building is currently home to occupiers including Optegra, Carrier Travel, Bouygues and IBI Group.
Avison Young acted for Cervidae in the transaction.
Oliver Rowe, investment director at Avison Young, said: “The purchase of One Didsbury Point is a superb deal for Cervidae and gives them the opportunity to benefit from the strong levels of occupational demand in south Manchester and rental growth, given the limited supply of space.”
A spokesman for Cervidae said: “One Didsbury Point is a best in class asset, offering opportunity to increase value through its reversionary income and is a strong addition to our portfolio”.
“We continue to look for further commercial property investments across the UK to support our strategy of purchasing well-located assets with potential for capital improvement and increased income generation.”
Cervidae, the real estate investment and asset management firm, has acquired 1-13 Frodsham Street, a prime retail parade in the centre of Chester, for £7.32 million (7.6% NIY)
The Parade is well located, just off Eastgate Street and close to the new City Bus Station. The building is leased to a range of tenants including Halifax, Boots Poundland.
Cervidae purchased the 30,000 sq ft building overlooking the Cathedral on behalf of a group of family offices and follows closely on from their purchase of three office buildings in the heart of Colmore Row, Birmingham in August.
Cervidae was advised by Parkdales Kenny Moore with the vendor advised by Cushman Wakefield and Lambert Smith Hampton.
A spokesperson from Cervidae, said: “Chester is an affluent historic Cathedral City and one of the premier retailing destinations within the UK. The acquisition of Frodsham Street continues our strategy of purchasing well-located regional city centre assets with potential for both capital improvement and increased income generation”.