Barker Storey Matthews’ Bury St Edmunds office has recently sold a multi let retail and residential investment on St John’s Street in Bury St Edmunds to Harkalm Investments.
The investment opportunity comprised five retail units and six self-contained one bedroom flats totalling 6,038 sq ft. The retail facilities are fully let with current tenants including Age Concern Suffolk, The Bury Chocolate Shop, Dance and Party Crazy, Mark Ewin Estate Agents and Lou La Bells Boutique. To the rear of the property is a secured outside space providing car parking and an outbuilding of 1,449 sq. ft.
St John’s Street is a popular and well established secondary retail location in Bury St Edmunds town centre. The town’s profile as a retail destination has improved significantly in recent years with the arrival of the Arc Shopping centre boosting it dramatically.
The final sale price achieved equated to a net initial yield of 7.86% assuming usual purchasers costs.
Simon Burton, Director at Barker Storey Matthews commented, ‘ The sale of this property demonstrates the continued demand for retail investment property in Bury St Edmunds, and the popularity of this type of asset in strong market town’s in general.”
