Naylors investment department has made its first major acquisition in 2010 with the purchase of 69-71 Albion Street in Leeds for a figure close to £8.75 million pounds.  The aquisition of the 14,000 ft² building was made by Naylors investment department on behalf of long established retained clients and marks their first significant purchase of the year.

The investment which is secured by Barclays Bank Plc and Greggs Plc for approximately 15 years reflected a net initial yield of 5.4% based on a total annual rent of £500,000 per annum.  The investment was considered a very attractive opportunity being situated in a prime retail location in the centre of Leeds and having recently undergone extensive refurbishment including a very impressive fit out undertaken by the Bank.

Fergus Laird, Director in charge of Investment at Naylors was extremely pleased with the acquisition, having secured the property for their client in an off market situation.  The ability of our client to prove funding and deal extremely swiftly with the legal work was a key factor in this acquisition.  The transaction clearly indicates a very encouraging start to the year and similar opportunities would be considered.