Altitude Investments, a boutique investment agency, based in the South West and The Midlands, have announced the completion of the purchase of 59-63 High Street and Crown Walk, Taunton on behalf of a private investor.
The property comprises 9 retail units in the centre of town across a total of 28,750 sq ft, let to a mixture of local and national covenants. Crown Walk is a busy thoroughfare with high footfall connecting The Crescent Car Park to the town centre. In 2017 Taunton was granted Garden Town status and will see over 10,000 new homes built in the next ten years. The town has a large catchment area lying halfway between Exeter and Bristol and a strong retailing heritage from being the county town of Somerset. The asset was purchased for £2.6 million and when fully let will produce a yield of circa 11.75%.
Tom Vantreen of Altitude comments “With the property being bought out of receivership this was a complex transaction requiring significant due diligence. Our client has specific requirements for assets that can provide income and the ability to add value in the short term with medium to long term development potential. Altitude Asset Management have been appointed and will be implementing the asset management strategy for the property in the coming years”
Two of the vacant units is now under offer and a further three proposals have been made to prospective tenants since completion. Larkman Edgcumbe have been appointed as letting agents on the vacant units.
This was the first deal to complete, with more to follow, in what is proving to be a busy start to 2018 for Altitude. Altitude continue to act for a number of private individuals, property companies and family trusts, as well as undertaking some institutional work.
