27/27A Dyer Street, Cirencester
This project involved the acquisition of the former Waitrose Supermarket, of 20,000 sq.ft. and car park in March 1996 at a price of £750,000. The property was held on a part freehold basis and part long leasehold basis, from the United Reform Church.
Three units were created and the largest, of 14,000 sq.ft. was pre-let to Argos on a 25 year lease . The second unit, of 4,125 sq.ft, is now let to Blockbuster Video at . The smallest unit was let to the Salvation Army on a year lease
The Freehold of this property was acquired in October 1997 from the United Reformed Church, which includes the Church Hall at first floor; this part was refurbished and let to a Health & Fitness Company to be occupied as a gym.
The whole property was sold in April 1998 to a subsidiary of Regent Square Estates for representing a yield of 8.94%. It was acquired again by Parcland in 2000 a Company in which LRE is the main shareholder, and is retained as a long term investment.
PROFESSIONAL TEAM
Architects: White & Co
Quantity Surveyors: Harris Rourke & Simpson
Engineers: Abraham Consulting Engineers
Contractor: Moss Construction
Agents: Knight Frank/DTZ Debenham Thorpe