Acting for a Private Pension Fund Monk & Partners have announced the sale of 1 & 2 Channon Road Saltash, being a prominently located retail property investment fronting the Carkeel Roundabout junction on the A38 and let to Greggs and Cloudbreak Surf shop.
John Slade of Monk & Partners said “ what appeared to be a straightforward sale became protracted due to the need for planning permission to create some additional car spaces before the transaction could complete.
We had a good level of interest in the property culminating with Exeter based purchasers eventually acquiring it off a net initial yield of approximately 7.25% from a rental of £77,000 p.a.x.
Having sold the property to the client in 1996 after it’s closure as a Happy Eater Roadside Restaurant, it was then let as a whole to a surf shop for over 20 years and then subsequently subdivided into two retail units circa 18 months ago and let to Greggs and Cloudbreak Surf.
We have therefore had a very long involvement with the property and managed to sell a small part of its land to the adjacent Filling Station operator 12 months ago to install electric vehicle.
