Drake Howard Property Limited has sold a retail investment at Warwick Street, Leamington Spa on behalf of a private client.
The building in the town centre is part let to Snap Galleries, with the remaining hairdressers and two residential units on the upper floors held on long-leases. The lease to the gallery outlet is for a term of 10 years from October 2017 and produces an annual income of £36,000. Service charge and insurance covenants in all the leases cover repair, maintenance and management costs.
The disposal to a private investor achieved a price close to £500,000, to reflect an initial yield of 7.3% after deduction of purchaser’s costs.
Drake Howard Property has been retained by the new owners in the capacity of property managing agent and shall be project managing upgrade to the external parts in spring 2019.