Riverside Capital has sold its Pure Gym in Wandsworth, South London, for £4.35 million, returning investors double their money in 4 years. The acquisition was completed by AEW UK Long Lease REIT Plc on 10 October 2017.
The 19,900 sq. ft. gym, located on the ground floor and basement level of Cantilever House on Wandsworth Road, is let to Pure Gym Limited until 2032. Lease reviews are linked to RPI, subject to a collar and cap of 1% and 4%.
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Riverside Capital is delighted to announce the arrival of its brand new publication: View magazine.
The magazine tells the story of investments the company has been involved in from purchase or date of instruction, right through to exit or the conclusion of an asset management plan.
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Riverside Capital, the property portfolio management and investment business, has completed its seventh off-market acquisition for the Channel Islands Property Fund.
Carey House is a 26,472 sq. ft. Grade A property in St. Peter Port, Guernsey and is fully let to Carey Olsen, a leading offshore law firm on a lease with 14 years unexpired with no breaks. The passing rent is £1,143,770 and the purchase price of £16,750,000 reflects a net initial yield of 6.7%.
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A Travelodge hotel in Torquay has been bought by Riverside Capital on behalf of a group of private investor clients for £6.235 million.
The 90-bed freehold hotel is positioned in a prominent location near the centre of the town close to one of Torquay’s train stations and has recently been extensively refurbished. At around 31,312 square foot, it also contains a bar and café as well as 44 parking spaces.
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Riverside Capital has sold a Co-op petrol filling station and convenience store in Sittingbourne for £2.964 million, returning 1.31x equity to its investors. The acquisition was completed by Atacama, who own a number of similar assets, on 21 November 2017.
The freehold petrol filling station and convenience store, located on Sheppey Way, Sittingbourne is let to Co-operative Foodstores Limited until April 2028. The lease is subject to open market reviews with the next review in April 2018.
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Riverside Capital has sold the last industrial asset in their Adelie Foods ‘Bitesize’ portfolio, in an off market sale for £3.96m, reflecting a net initial yield of 7.08%. OLIM Property completed the purchase for their discretionary fund management client Value and Income Trust plc 4 days after terms were agreed and solicitors instructed.
The freehold industrial unit in Wimblington Drive totals 49,309 sq. ft. and is let to Adelie Foods Group until 2028 with rent reviews in 2018 and 2023 to open market value, subject to minimum increases of 2.5% p.a. compound.
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Riverside Capital has sold a Premier Inn hotel in Camberley for £8.465 million, returning 1.43x equity to its investors. The acquisition, reflecting a net initial yield of 4.97%, was completed by AEW UK Long Lease REIT Plc on 12 September 2017.
The 95 bedroom, long leasehold hotel located on Park Street, Camberley is let to Premier Inn Hotels until 2037 with 5 yearly rent reviews. The lease is index linked to CPI, subject to maximum yearly increases of 5%.
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Riverside Capital has sold a DPD logistics investment in Northamptonshire in an off market deal for £8.20m, reflecting a net initial yield of 4.85%.
The freehold industrial unit in Warth Park, Raunds totals 42,528 sq. ft. and is let to DPD UK Ltd until 2028.
The property was acquired in September 2013 by way of a forward commitment at 7.29% net initial yield. The sale has allowed Riverside Capital to achieve stellar returns for investors 18 months’ ahead of schedule.
Ashley Wilcox, Director at Riverside Capital said: “The logistics sub-sector continues to grow and we are delighted to have traded a 16 year income stream at such a sharp yield.”
Dominic Wright, Group Chief Executive at Riverside Capital said: “Our strategy since 2012 has been to buy Prime property let on long leases to strong covenants. We are proud to have returned investors an IRR of 17.34%, and an equity multiple of 1.7 on this extremely low risk investment within 3.5 years.”
LSH acted for the purchaser and Levy LLP acted for Riverside Capital Limited.
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Riverside Capital has completed on the £15m sale of its Ground Rents Portfolio, reflecting a 67.6% uplift in value since purchase in 2010.
In a joint venture deal with private equity partners, Connection Capital, the portfolio was originally purchased for £8.95m. Clients invested £3.45m equity alongside a £5.5m debt facility from NatWest.
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Riverside Capital is delighted to announce the sale of the 02 Academy in Birmingham earlier this month.
The property was originally acquired in a joint venture with Connection Capital in October 2012 for £2.15 million has been sold for £3.155 million.
Connection Capital clients originally committed £1.3 million of equity to the acquisition via a fully managed syndicate alongside a loan facility provided by Santander.
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