Parliament Street, York
Acquisition of Vodafone in York
Invista Foundation Property Trust has sold a unit on Parliament Street in York to an in-house fund of Nightingale Partners.
The £1.9m disposal price reflects a net initial yield of 5.5% and was 9.8% above the 31 March 2009 valuation.
The unit, let to Vodafone which has a 10 year lease from February 2009 at a passing rent of £110,000 a year, is let at a zone A rate of £167.50/sq ft.
The strong yield achieved resulted from Invista Foundation Property Trust, managed by Invista Real Estate, surrendering a lease with retailer Jessop's and signing a long lease with Vodafone.
This purchase is Nightingale Partners' in house funds's first private treaty transaction. It had previously targeted auction lots. The fund is targeting lot sizes up to a maximum of £2.5m.
Nightingale Partners represented the purchasers.
