0 Twelve goes for gold in Braintree
Published: 22 December, 2006
O Twelve Estates, the property company set up to capitalise on areas likely to gain from the 2012 Olympics, has bought the George Yard Shopping Centre in Braintree, Essex, for £28.5m.
George Yard provides 106,000 sq ft of retail accommodation and associated office space, which is currently let to tenants including Marks & Spencer, Boots and Superdrug. The purchase price reflects a net initial yield of 4.6 per cent, rising to 5.0 per cent once outstanding rent reviews have been completed.
O Twelve chairman Phillip Rhodes said: “We are delighted to have exchanged contracts on this asset, which take the Company’s total investments to £120 million since launch in March 2006. This retail asset provides added diversity to O Twelve’s portfolio which now comprises a mix of office, industrial, residential and retail assets, all of which we believe will benefit from increased investment and infrastructure improvements in the run up to the 2012 Olympic Games.”