Franck-Steier Price has completed the freehold sale of two prime shops at 31 and 33 Pride Hill, Shrewsbury, for Schroder Emerging Retail Property Unit Trust. The retail units occupy a prime position in Shrewsbury town.
The units are let to Vodafone and Optical Express for terms expiring in 2020 and 2015.
The total combined income is £146,350 per annum. The property was sold for £2,480,000 which reflected a net initial yield of 5.58 per cent. Franck-Steier Price represented Schroder Emerging Retail Property Unit Trust and City and Wharf acted for a private purchaser.
The sale is the eleventh transaction since Andrew Franck-Steier and Andy Price set up the company in September 2007.