The property is located in the attractive affluent market town of Ashbourne in the Derbyshire Dales. The property is prominently situated in the prime retail pitch of St John Street. The property comprises two ground floor retail units let to Costa Ltd and British Heart Foundation Ltd, with a WAULT of 4.9 years, and four residential apartments on the upper floors which are let on ASTs. The total income is £69,190 per annum. Offers are sought for the freehold interest in excess of £935,000 which reflects a net initial yield of 7.01%, after purchaser’s costs of 5.57%.
Acting on behalf of a Logistic Estates, Franck-Steier Price have completed the sale of multi-let retail and residential investment in Ashbourne.
The property is located on the established and prime retailing pitch of St John Street and comprises Costa, British Heart Foundation and 4 residential apartments above. Other occupiers elsewhere on St John Street include Boots, Barclays Bank and Graves of Ashbourne.
The property extends to 5,850 sq ft total and the retail units are let to Costa Ltd on a 15 year FRI lease from August 2006 and to The British Heart Foundation on a 15 year FRI lease from April 2007. The 4 apartments are let on AST agreements. The total passing rent is £69,190 per annum.
The investment was purchased for £900,000 reflecting an initial yield of 7.27%. BB&J Commercial acted for the purchaser.