A deal of nearly £2 million has seen two neighbouring retail units on Leamington's Parade change hands.

The family-owned convenience retail business, Dougall Group, bought the two units for £1.68 million.

The first unit is occupied by Danish variety store chain Flying Tiger Copenhagen and generates an annual passing rent of £75,000, and the second is currently being let to menswear retailer Moss Bros, producing a passing rent of £55,000 a year.

The businesses remain open and unaffected by the sale.

Ricky Dougall, Owner and Director of Dougall Group shared: "We are delighted to have acquired these two prominently positioned assets in Leamington, which will be a great addition to our expanding portfolio."

James Mattin, Managing Director of Bond Wolfe, which advised on the acquisitions, added: "We are delighted to be continuing our successful run of retail investment sales in the centre of Royal Leamington Spa. The annual rental income from these properties totals £130,000, equating to a healthy net initial yield of 7.29percent.

"It is an attractive location for investors to put their money, and the combined sale of 38 and 40 Parade typifies this."

Legal advice for the buyer was provided by Knights of Solihull, while CBTC West Brom advised the vendor.

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