111-113 Fishergate is let to Bank of Scotland Plc for a term of 20 years from 4th August 1998 at a present rent of £241,800 per annum subject to upwards only review at each fifth year of the term. The property was purchased for £1,778,000 reflecting a net initial yield of 12.9%.
The Bank in Preston is let to Bank of Scotland Plc for a term of 15 years from 10th November 2008 at a present rent of £75,000 per annum subject to upwards only rent review to the open market rent at the end of each fifth year of the term. The property was purchased for £700,000 showing a net initial yield of 10.1%.
The Southport property is let to AG Retail Cards Limited for a term of 10 years from 24th June 2005, with a reversionary lease for a term of 5 years commencing on 24th June 2015, at a present rent of £90,000 per annum exclusive. The property was acquired for £850,000 reflecting a net initial yield of 10%.
These purchases have a combined total of £3,328,000 which further cements KLM’s close relationship with Olim Property Limited.
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