Isis buys eight units for £11.5m at South Shields

Isis Property has bought a modern block of eight retail units at South Shields, Tyne & Wear, from Cheval Properties for£11.5 million.

The units at 49-61 King Street contain 45,400 sq ft (4,215 sq m) of retail space and were constructed seven years ago in South Shields' prime pitch next to the Metro.

Occupiers include Boots the Chemist, Internacionale, One, Phones 4U, Clinton Cards, New Look, JJB Sports and Argos.

Once outstanding reviews have been settled the income is expected to reach£693,500 a year, giving a net initial yield of 5.89 per cent.