Acting on behalf of a private investor Myddelton & Major, has successfully negotiated the freehold acquisition of a retail and residential investment in Lymington.
The three-storey listed building is let to fashion giant New Look at a rental of £36,500 per annum.
A second floor residential apartment is occupied separately on a long leasehold basis
Simon Lee, retail partner at Myddelton & Major, said: “This was a rare opportunity to acquire the freehold of a primarily retail investment property on the busy high street of this very popular New Forest town.
“We expect to see further rental growth as retailer demand continues to outstrip supply in an improving market.
“Investment properties in prime locations of this kind have become increasingly sought after as confidence returns to the market and property yields continue to outperform interest rates.”
New Look has a full repairing and insuring lease for 25 years from February 1992 with four-yearly rent reviews.
Nearby traders include a healthy mix of leading national chains and independent local traders, including Clarks, Boots, Costa, Clintons and Lloyds Bank.
Financial details of the sale were not disclosed.
The vendor was represented by John Jeffery & Son of Salisbury.
