Lothbury Investment Management, on behalf of Lothbury Property Trust (LPT), has completed the sale of their holding at 42 Milsom Street, Bath to a private investor for £3,060,000, reflecting a net initial yield of 3.99%.
Michael Toft, Senior Fund Manager and Executive Director of Lothbury Investment Management said: “With the imminent expiry of a long lease, the property would have required capital expenditure and reconfiguration. We have realised a price above valuation, which crystallised the latent value without taking the refurbishment and void risk. This supports our strategy to maintain exposure to liquid assets on prime high streets.”
Milsom Street has been part of the Lothbury portfolio since 2000.
Carter Jonas acted for Lothbury; Harper Dennis Hobbs acted for the purchaser.
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