Lothbury Investment Management, on behalf of Lothbury Property Trust, has sold a prime Chester retail unit to a consortium of local private investors.
The Grade 2 listed unit is at 23 Eastgate Street in Chester’s popular Grosvenor Precinct and was let to high end women’s fashion retailer Hobbs, until January this year. Sale price achieved was £1.75m. The unit generates £211,620 p.a. rental income and has an average weighted unexpired term of 1.4 years.
As well as the ground floor retail unit, the property also comprises a further retail unit at first floor level and residential apartments on the second and third floors.
Commenting on the sale, Ed Hockley, Director at Lothbury Investment Management, said: “The Trust purchased this property, which is located in one of the most desirable high street retail investment locations in the UK, in 2013. Its sale provides us with a good opportunity to rebalance the portfolio. We shall reinvest the proceeds in our target sectors, which include industrial property and alternative investments.”
Lothbury was advised by King Street Commercial. The purchasers were advised by Mason Owen.
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