National commercial property consultancy’ Lambert Smith Hampton (LSH) has recently completed the sale of a portfolio of commercial investment properties in Tenby town centre.
Through an informal tender process, LSH managed to dispose of all four properties individually, in order to gain maximum capital receipt for the client, for a total sum of circa £1.3m to a variety of private investors. The figures achieved exceeded LSH’s initial expectations.
Located on Upper Frog Street, all buildings were income-producing, with retail units on the ground floor and, in some cases, apartments on the upper floors.
Picton House and Cobra House sold in 2015 with transactions for the two remaining properties in the portfolio, Melissa House and The Mews, completing in 2016.
Melissa House is a mid-terrace two storey property let to Sartori Stores on the ground floor with a hair salon operating from the upper floor.
The Mews is a Grade II Listed former stables set around a courtyard and split into four commercial units that are let to a number of retailers. Picton House has apartments on the upper two floors with a BetFred shop on the ground, whilst Cobra House, also laid out over three storeys, has two established tenants on the ground floor with income-producing apartments on the upper floors.
“We are pleased to have completed the sale of this portfolio where there was strong investor demand for all four buildings as they offer a good mix of commercial and residential income in a town that is popular both as a tourist destination and place to live,” comments Tom Rees of LSH’s agency team.
“Upper Frog Street has undergone considerable development in recent years including the opening of a Premier Inn located within Tenby’s ancient medieval walls with the town’s regeneration activity certainly contributing to this series of successful disposals.”