Reflecting the rarity of the opportunity to acquire a freehold investment with development potential on Bristol’s well known Park Street, the interest in 51 Park Street was exceptionally strong and the deal achieved was well in excess of the asking price of £650,000, report selling agents Hartnell Taylor Cook LLP.
Park Street is a busy street with a high proportion of niche and aspirational retailers and restaurants including Nandos, Gourmet Burger Kitchen, Boston Tea Party, Jigsaw, Fat Face and Jamie’s Italian. Most of these properties have had their upper floors converted to provide either residential or further commercial use but at present 51 Park Street is under-utilised and offers the purchaser the opportunity to increase their income in the future.
The Georgian mid-terrace property is let to Azzurri Restaurants Limited with a further six years remaining on the lease, although currently not trading from the premises, provides a ground floor sales area, with ancillary accommodation and a flat on the upper three floors. The property generates an annual income of £47,000 per annum.
The property has been purchased for £770,000, reflecting a yield of 5.80%, by a private property company represented by MBI (Surveyors).
Gemma-Jane Ogden of Hartnell Taylor Cook LLP who advised the vendor said: “There was a large amount of interest in the property from investors and we were delighted with the sale price achieved. Private investors continue to have a strong appetite for commercial investments in Bristol which has been unaffected by the referendum result in the summer. Sub million pound investments in the right locations are proving particularly attractive in Bristol and across the South West”.
