The long leasehold interest of a pair of buildings that house the eating and drinking-out part of Plymouth’s Royal William Yard scheme has been placed on the market, with offers of £8m sought, M&C Report has learnt.
It is thought that current owners Urban Splash has placed the Brewhouse and Mills Bakery properties, which total c61,200sq ft with a current income of c£677k per annum, on the market through CBRE.
The properties currently house Wagamama, River Canteen Cottage, Prezzo, Las Iguanas and Loungers’ Seco Lounge.
It is thought that an £8m sale price would reflect an initial yield of 8%.
The Brewhouse comprises 15,731sq ft with units let to River Cottage Canteen,Wagamama and Las Iguanas on 20 - 25 year terms.
Mills Bakery comprise 45,560 sq ft with restaurants let to Loungers and Prezzo.
It is thought that c 43% of the income from the properties is secured against the restaurants.
