Taris Real Estate who are asset managed by Red Kite have made their second purchase in the UK commercial property market.
The property in Aberystwyth is let to Edinburgh Woollen Mill for a remaining term of 3 years at a rent of £75,000 pax.
The purchase yield was 11% and the property fits perfectly into the Taris Real Estate business plan of buying short leasehold prime pitch properties in secondary market and cathedral towns.
Red Kite will asset manage the property along side their partner Mark Sachon of London and Lothian to add value through lease restructuring before or at the point of lease expiry.
Jones Lang LaSalle acted for Taris Real Estate in the acquisition and Brackenridge Hanson Tate acted for the vendor who was a private investor.