Acting on behalf of a Vectis Property Group, Clifton Agency has sold 98 Draycott Avenue, SW3 in the heart of Brompton Cross, one of London’s most affluent neighbourhoods. The rare Freehold was sold for £1,150,000 (5.29% NIY). The property formed part of an attractive parade of shops and restaurants and occupies a prominent location on the northern side of Draycott Avenue opposite KX private members club and gym.
The retail unit was newly let to Stretch Lab for a 10 year term at £65,000 pa from Sep-22 with benefit of fixed uplift to £72,500 pa from Sep-27. The sale benefitted from rebased income with a 37% drop in rent from the previous tenant.
Ben Simpson commented:
“We are delighted to work with Vectis Property Group to achieve a successful sale following a full refurbishment and re-letting of the building. Our far reaching marketing campaign was able to identify an overseas investor looking to expand his UK exposure to commercial real estate.”
Clifton Agency have a specific live requirement from an owner occupier looking for premises in Brompton Cross at present.
For more information on our Draycott sale deal or to discuss our owner occupier requirement in further detail, please contact the team.
Comments