A Tenby town centre property has sold for £403k to a private investor, six per cent above the quoting price following an informal tender process managed by Lambert Smith Hampton (LSH).
The national commercial property consultants were instructed on behalf of LPA receivers to dispose of Picton House, a mixed-use freehold property on Upper Frog Street.
Picton House is a Grade II Listed, income producing property comprising a retail unit on the ground floor, let to BetFred Bookmakers and three floors of rental flats above.
“With over £41k of rental income generated per annum by the commercial and residential tenants, it’s not surprising that there was such a high level of interest in Picton House,” comments Tom Rees of LSH’s agency team.
“The strength of the ground floor covenant coupled with the popularity of Tenby as both a tourist destination and pleasant place to live has also been a factor in it achieving such a good price.”
Upper Frog Street has undergone considerable development in recent months including the opening of a Premier Inn located within the heart of the walled town. Lambert Smith Hampton are currently marketing a second mixed-use investment opportunity in Tenby where strong investor interest is being demonstrated once again.