Lunson Mitchenall’s investment team successfully dispose of 211 High Street in Cheltenham on behalf of a retained private client for £1.28m reflecting a NIY of 4.8%.
The property is located on High Street in between Primark and the Brewery Quarter, the Cineworld anchored retail leisure scheme. The unit is let to Nero Holdings Limited t/a Caffe Nero for a term of 15 years from March 2010 with a tenant only break clause in March 2020 at a rent of £65,000 per annum.
After a successful marketing period and a competitive bidding process, Lunson Mitchenall were able to secure a sale price £50,000 in excess of the original asking price of £1.23m.
James Cogavin, Director in Lunson Mitchenall’s Investment team commented “Having received six offers on the property, it was clear that demand for retail assets in the spa town of Cheltenham was strong, particularly in anticipation of the opening of the new John Lewis on High Street, with investors expecting JLP to bring a host of new wealthy shoppers to the town”