Osborne House have paid £675,000 for a freehold investment property comprising 17,600 sqft of ground floor shops with offices above arranged over three floors plus 30 car spaces on a 0.36 acre site.
The property is currently producing £82,224.50 with an ERV £94,724.50 when fully let (one vacant shop) producing a Net Initial Yield 11.5% and a Reversionary Yield 13.25%. Planning consent has been obtained for Charge of Use on the upper floors for 24 flats. Tenants include the Secretary of State, Remploy and Papa Johns.
John Fifield, Chairman of Osborne House, said “This is an interesting investment with great potential for adding value with conversion of the upper floors to residential in due course”.
Legat Owen acted on behalf of the Seller, whilst Fifield Glyn acted on behalf of Osborne House.
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