Clifton Agency have completed the sale of the Ground Floor at 9-10 George Steet in Richmond upon Thames on behalf of retained clients, Sheen Lane Developments. The shop was let to Oliver Bonas until August 2032 at a rent of £110,000 per annum, the Long Leasehold interest was sold for a price of £1.65m which reflected a net initial yield of 6.28%.
The property occupies a 100% George Street position and is located diagonally opposite ‘The Gosling’ the redevelopment of the former House of Fraser department store. Another instruction which Clifton Agency are currently involved in, and are retained to sell upon practical completion, anticipated in late 2024.
Jim Remfry commented:
“After first acquiring the building in Covid, our client then undertook a complete redevelopment, obtaining planning consent for 6 flats on the upper floors, and a re-configured commercial unit on the ground floor which was let to Oliver Bonas. Despite only having circa 3 years term certain to the tenants break option, it was particularly pleasing to identify an overseas investor to pay in excess of the guide price.”
For further information on this transaction, or to discuss similar London investment requirements, please contact the team at Clifton Agency.
Comments