The Cambridge office of Carter Jonas was at the heart of a commercial property deal which saw the disposal and acquisition of the freehold investment on a fast food restaurant secured within two months of its market launch.
The property at Galleys Island - an established food and autopark on the outskirts of Braintree in Essex and close to the popular Freeport Outlet Shopping Village – is occupied by Pizza Hut (UK) Ltd, who retains an FRI lease until September 2025. From the outset, the team knew this was an excellent investment opportunity for freehold ownership with the property being prominently located in an established and accessible location coupled with the strength of the Pizza Hut (UK) Ltd’s covenant and the attractive yield.
Following a competitive pitch which saw Carter Jonas in Cambridge secure sole agency status for the disposal by Equity Estates, the property was launched to the market on 5 August 2011. By 4 October 2011 the team’s comprehensive assessment of potential target purchasers and extensive negotiations on behalf of the client came to fruition with the freehold acquisition of the property by a public sector investor. The property achieved the asking price of £1.31m and was sold within two months of placing it on the market – a speed that is virtually unheard of in the market at the time.
The deal not only demonstrates the enduring attractiveness of property when it comes to yields and returns in the current investment climate, but also the benefit of local market intelligence and regional reach that Carter Jonas can offer to Landlords and investors alike.