A building in Stockton Heath that is home to restaurants such as Piccolino, Pizza Express and Le Bistrot Pierre has changed hands.
Clients of LRE Capital, advised by Hartnell Taylor Cook and Capita Real Estate, have sold the freehold interest in Victoria Buildings to Columbia Threadneedle Investments for £9.5m reflecting a net initial yield of 6.44 per cent. The purchaser was advised by KLM Retail.
The building provides approximately 31,333 sq ft of leisure, retail and ancillary accommodation arranged across ten units with additional external terraces.
Tenants include Piccolino, the Slug & Lettuce, Pizza Express, Anytime Fitness, Toni & Guy and Le Bistrot Pierre. The current net rental income is £653,147 per year.