Canterbury - Premier Inn and Tesco
Acting on behalf of a developer client, Cradick Retail acquired the freehold interest in a prominent site in New Dover Road, Canterbury. The property originally comprised retail units on the ground floor and office on the upper parts.
Cradick Retail provided retail advice to the developer and planning consent was secured for 6,000 sq ft of retail space on the ground floor and a 120 bedroom hotel above. Pre-lets were secured with Premier Inn and Tesco for their covenience store format and Pizza Hut delivery.
A forward sale of the investment was concluded with Aberdeen Asset Managers at £12.2m representing a net initial yield of 5.75%.