Over £1 million has been paid for 57-58 High Street, Exeter, a mixed use property investment sold by a private property company, advised by Hartnell Taylor Cook LLP.
The prominent retail unit is located opposite the entrance to the Guildhall Shopping Centre, in Exeter’s prime retail pitch.
It comprises a mid-terraced building arranged on basement, ground and 3 upper floors anchored by leading handmade cosmetic retailer, Lush Retail Limited. The retailer trades from the ground and basement levels and the upper floors comprise self-contained offices, which are fully let.
The freehold generates a total rental income of £85,750 per annum but there are opportunities for the purchaser to increase the income through asset management of the upper levels.
The freehold has been purchased by Living Tapes Limited at a price reflecting a net initial yield of 7.21%.
Hartnell Taylor Cook LLP advised the vendor and Turner Locker advised the purchaser.
