Amongst the barrage of reports regarding the death of the High Street, the Investment Department of Vickery Holman are very pleased to confirm the recent purchase of 43 Brook Street, Tavistock, BN18 9DT, on behalf of a Private Investor Client.
The property is let to Costa Limited, a subsidiary of Whitbread Plc who have a fifteen year Full Repairing and Insuring Lease at a rent of £52,000 per annum.
The property provides a ground floor retail area of 121.2 sq m (1,305 sq ft) with first floor storage of 66.5 sq m (716 sq ft).
The property was acquired for £640,000 which reflects a net initial return 7.65% and allow for normal purchase of 5.8%.
Head of Investment at Vickery Holman, Mike Oldrieve comments: “I have been monitoring this property for over three years waiting for the price to adjust to post recession values.
“I am not one who shares the doom and gloom predicted for the retail industry, there will always be a High Street, particularly in strong market towns such as Tavistock.
“There are some attractive buys in the South West at the present time, but we are expecting prices to rise in the not too distant further.”
The Vendor was represented by Peter Hale of Peter Hale Associates.
