Hartnell Taylor Cook LLP, acting on behalf of private clients of CBRE Global Investors, has sold the long leasehold interest of 19 – 23 Sidwell Street, Exeter to Lewis Innovative Investments for £2,050,000.
The property is situated close to the John Lewis Department Store and comprises a ground and lower ground floor retail unit let to Iceland Foods Limited for 15 years from 2013 with the upper two floors let to Riley’s Sports Bars Plc generating a total annual income of £184,500 after ground rent. The building totals 25,746 sq ft.
The long leasehold interest, held for a term of 99 years from March 1974, sold at a net initial yield of 8.5%.
Hartnell Taylor Cook LLP advised the vendors, the purchaser represented themselves.
