Acting on behalf of an established client we have sold the freehold investment in Gandy Street in excess of its guide price of £325,000.
The fully income producing retail investment is let to the Recycled Candle Company for a term of 10 years at a stepped rent averaging £28,200 pa.
Damian Cook of Stratton Creber Commercial Exeter office who dealt with the sale commented ‘’this investment was offered to the market and we received interest immediately from a handful of investors. As result an offer was accepted in excess of the guide price reflecting an initial yield of 7.13%.’’
The commercial property investment market remains strong and in particular the office and industrial sectors despite the current economic uncertainty.