A substantial mixed retail/leisure investment block located on the west side of Broadmead in Bristol’s retail heart, has been sold for £2,150,000 reflecting a net initial yield of 9%.
The long leasehold interest in 15-18 Nelson Street and 3 – 11 Fairfax Street has been sold by Deeley Freed to a London based property company.
The multi-let block occupies a prominent and substantial corner site with two retail parades fronting both Nelson Street and Fairfax Street, with nightclub on the upper floor, totalling 31,883 sq ft. The seven tenants’ generate an annual net income of £204,541 per annum.
Gemma-Jane Ogden of Hartnell Taylor Cook LLP, advisors to the vendor said: “The site provides a significant development opportunity due to its close proximity to the major developments currently being undertaken around Nelson Street, which will eventually provide over 1,000 new apartments.
“There was substantial interest in the investment from a variety of investors and developers reflecting the strength of the Bristol investment market and consequently we secured a price which exceeded the asking price.”
Hartnell Taylor Cook LLP advised the vendor and Lambert Smith Hampton advised the purchaser.
