Franck-Steier Price has recently concluded the acquisition of a prominent neighbourhood retail and residential investment in Meir, Stoke on Trent.
The property fronts onto the A50 to the east of Stoke city centre in the suburb of Meir. The property lies on a prominent corner site and comprises seven retail units and 43 flats.
Six of the retail units were let with one vacant unit. The income from the retail was £75,050 per annum. There are 43 flats and at the time of purchase 41 were let on AST’s producing an income of £185,754 per annum.
The total income was therefore £260,804 per annum.
The property was acquired for London & Cambridge Properties who paid £2,600,000, reflecting an initial yield of 9.43%.
Rowley Hughes Thompson acted for the vendor.