Aqua South Partnership LLP 5
The partnership purchased the virtual freehold of a prime pitch retail unit in South Street Dorchester with an agreed letting to MacKays for 15 years with no breaks.
The price was £1.9 million and the annual rent is £100,000 per annum. Gearing from Nat West of £1 .2 million was achieved and as with most of our partnerships the rent is repaying the mortgage on a quarterly basis.
MacKays, now rebranded M & Co has almost 300 shops around the country and is a very profitable, privately owned retailer.
The location is very much improving and this should reflect in rental levels and therefore capital value over the term of the investment.
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