A prime commercial development in Norwich has been purchased by Aviva Investors Property Pension Fund in a multi-million pound deal, it has been announced.
A major
property investment firm has purchased the leasehold to a
commercial development in Norwich for £6.5 million it has been announced.
Aviva Investors Property Pension Fund acquired the 14 Queens Road site from the Dencora Group, reflecting a net yield of 6.79%, real estate agent Savills confirms.
The commercial development is houses a 102 bedroom hotel, operated by Travelodge, as well as a 5,000 sq ft retail space, currently occupied by Bathstore.com Ltd.
Existing tenancy agreements for the firms are for 30 and 11.5 years respectively and provide an annual rental income of £467,147, Savills adds.
Mark Fleming, director at the firm, said of the deal: "This hotel investment offered a secure long term income stream with the benefit of gearing.
"We are delighted to have secured this asset off-market for Aviva."
In April, Savills helped ING Real Estate Investment Management acquire the Cathedral Retail Park in Norwich for £17.3 million.
Posted by Allan Flowers.
Latest News 
