2012 was an interesting year for property transactions with burst of activity throughout the year, a bit like a misfiring engine, but it is always good to finish the year with a flourish. The sale of Kimberley Court, Ivybridge by The Co-operative Estates was such a flourish with the first contract race for many a year, the property selling to Gulland Properties Limited at a price in the region of £600,000.
The property itself comprises a mixed-use investment, featuring three retail units on the ground floor of which two are take-away restaurants and the third being occupied by The Co-operative Funeral Care. Above are five two-bedroom and one one-bedroom flats with a private car park to the rear.
The Co-operative Funeral Care have taken a new 20 year lease with 5 year breaks at a rent of £5,045 per annum whilst the two restaurants are let on existing 25 year lease from early 1990 total combined rental income from the shops £38,420. The flats are let on a range of assured short hold tenancies.
The Co-operative were advised by the investment department of Vickery Holman and their agent Josh Gunn comments, “The property was only on the market for three weeks and the contract race which ensued was unusual given the difficulties with the market of the past few years. The sale demonstrates there is a market for properties which are priced correctly and Kimberley as well as providing secure income provides a number of opportunities. The sale allows Vickery Holman to end the year on a positive note and we look forward to similar levels of activity in 2013”.
