Blue Marble Asset Management (Blue Marble) has acquired a mixed use investment in a prime leisure pitch in Malvern, Worcestershire, in an off-market deal.
Acting on behalf of a new private client, the Birmingham-based specialist real estate asset management company bought the freehold of 6-8 Bell Vue Terrace, Malvern, WR14 4PZ, for £1.5 million at a yield of 5.53%.
The main tenant of the 3,500 sq ft two storey building is Ask Italian restaurant, which has an unexpired 16 year lease on the ground and first floor, representing 75% of the overall income. The two other tenants include the very strong covenant of St.Richard’s Hospice Foundation, and a small kiosk unit let to a local patisserie.
“This investment is in a highly prominent leisure pitch in Malvern, which is an attractive and affluent town in Worcestershire,” says Ed Jones, Investment Director at Blue Marble.
“This is the first purchase we have made for this private client, and we are in the process of assembling a commercial property portfolio for him. Having recently sold his business the client wanted to invest in commercial property to provide a sustainable income stream as replacement to his previous earnings. The portfolio will be structured around secure assets, with strong property fundamentals, and complimented in due course with more value-add opportunities”.
Based in Birmingham’s Colmore Business District, Blue Marble Asset Management is a real estate asset management specialist which presently has more than £70 million of property assets under management.
It works for a select range of clients including high net worth individuals, trusts and family offices. Its business is based on taking a holistic and strategic view for their clients’ property investments.
