Freehold Investment Sold on Southport High Street
Posted on 27th July 2011
The freehold of a key high street property in Southport has been sold to a private investor. The retail unit at 55 Chapel Street has been sold by private clients of Tushingham Moore to a private investor for £960,000, producing a net initial yield of 6.5%. The 4,477 sq ft property which sits behind an attractive Tudor style façade is let to high street ladies fashion chain Wallis on a 25 year lease. The current rental is £66,000 per annum, equating to £90 Zone A.
Tushingham Moore Investment acted on behalf of the vendor and Robert Pinkus & Co. acted on behalf of the purchaser in the transaction.
The property comprises ground floor retail unit together with basement and three upper floors ancillary/sales accommodation. Danny Pinkus, Partner at Robert Pinkus & Co. said, “This transaction shows the continued strength of the prime investment market and the desire for investors to minimise their risk in commercial property.”