A private investor, advised by Hartnell Taylor Cook LLP, has sold the freehold interest in 84 Promenade, Cheltenham, to Alterity Investments Limited. The sale price was £3.35 million, reflecting a net initial yield of 4.31%. The purchaser was advised by Green & Partners LLP.
The investment comprises an attractive, Grade II Listed building, providing approximately 355.38 sq m (3,825 sq ft) of well configured retail and ancillary accommodation, arranged over ground and first to third floor levels.
The property is let to The White Company (UK) Limited, on effective full repairing and insuring terms, by virtue of a 15 year lease from 25th March 2004. The current rent is £153,750 per annum.
John Burnside of Hartnell Taylor Cook LLP commented, “We were delighted to act on behalf of the vendor on this sale which further confirms the level of investor demand for well configured retail units, in strong retailing locations.”