Altitude Investments, A singer Vielle Franchisee, are pleased to announce the completion of another investment sale.
Altitude has recently sold 43 – 47 The Terrace & 7 – 7a The Strand in Torquay, generally known as Mambo. Altitude marketed the investment using the singerviellesales.com unique platform offering the purchaser the opportunity to review the full information of the property, including aerial photography, 360 degree videos and a complete legal pack meaning that an instant online exchange of contracts via clicktopurchase® was available.
Showing the flexibility of the marketing route, the buyers chose to complete the sale using a traditional offline private treaty process, meaning that despite the unique marketing platform and instant exchange technology being available to the buyer, they were still able to transact in the more traditional manner.
Notwithstanding that, exchange occurred in 7 days from receipt of the contract and completion was 14 days thereafter – the comprehensive marketing that Altitude & Singer Vielle use allows contract timescales to be dramatically reduced meaning a more efficient transaction process. The building comprises c.12,500 sq ft (1,180 sq m) of retail and leisure space in one of the most prominent locations in the whole of Torbay. The premises is split on various levels with a ground floor Cafe & Shop front, first floor bar and restaurant – with large external balcony, a second floor club and a top floor cocktail bar and private balcony.
The property occupies an extremely prominent spot on the impressive Torquay Harbour, nearby occupiers include HSBC, RBS, Prezzo, Boots & Debenhams.
The investment is let to Lifestyle Group for 15 years and sold to a London based Property Company for a NIY of 10.56%
