Purchases/Sales of Investment Properties

RNS Number : 2051H

IRP Property Investments Ltd

24 May 2011

 



To:                   RNS

From:              IRP Property Investments Limited                             

Date:               24 May 2011

IRP PROPERTY INVESTMENTS LIMITED

UPDATE ON PURCHASES AND SALES OF INVESTMENT PROPERTIES

Purchases

On 18 May 2011, IRP Property Investments Limited ("IRP"),completed a packaged purchase of the freeholds of retail warehouses at Willow Beck Road, Northallerton for £6,550,000 and Sands Road, Swalwell, Gateshead for £2,250,000.

The property at Northallerton was purchased at a net initial yield of 6.2% and comprises two modern retail warehouse units built in 2007, extending to approximately 31,500 sq ft. Unit 1 is let to Homebase Limited on fully repairing and insuring ("FRI") terms with a 16 years unexpired term and 5 yearly upwards only rent reviews to open market value. Unit 2 is let to Halfords Limited on FRI terms with a 16 years unexpired term and 5 yearly upwards only rent reviews geared to the All Items RPI and capped at 3.5% pa.

The property at Gateshead was purchased at a net initial yield of 7.2% and comprises a retail warehouse unit built in the 1980's, extending to 26,371 sq ft. The unit is let to B&Q plc on FRI terms with a 13 years unexpired term and 5 yearly upwards only rent reviews to open market value.

Sales

On 31 March 2011, IRP disposed of a retail property in Nuneaton for £2.13 million, at a net initial yield of 6.75 per cent. The property was acquired by IRP on 1 June 2004 for a cost of £1.89 million and its valuation as at 31 December 2010 was £2.2 million.

On 27 April 2011, IRP disposed of a retail property in Rochdale for £400,000, at a net initial yield of 9.0 per cent. The property was acquired by IRP on 1 June 2004 for a cost of £570,000 and its valuation as at 31 March 2011 was £400,000.

All Enquiries:

The Company Secretary

Northern Trust International Fund Administration Services (Guernsey) Limited

Trafalgar Court

Les Banques

St Peter Port

Guernsey

GY1  3QL

Tel: [phone]

 

END

 

 

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