Acting on behalf of DTZ Investors, Clifton Agency have completed the sale of 55-57B Clarence Street & 4 Fife Road in Kingston, a prime rebased multi-let freehold investment.
After competitive interest from a wide variety of investors the property, was sold for £5,750,000 to a private investor, reflecting a net initial yield of 7.73%.
The investment is let to Franco Manca, Three Mobile and Wenzel’s Bakery and Ji Chicken Shop. The investment generates an income of £475,000 per annum and carried a WAULT to break of 6 years.
The property is located in a 100% prime trading location on the pedestrianised Clarence Street at it’s junction with Fife Road. The block is in close proximity to Marks & Spencer, Flannels, Russell & Bromley and the entrances to the Bentall shopping centre on Clarence Street and Fife Road.
Ben Simpson commented:
“In a challenging market, it was great to sell this asset above current market expectations in less than 16 weeks from initial instruction to completion. We were able to identify a special purchaser and work closely with their representatives to close the sale.”
Clifton Agency remain very active throughout several South West London suburbs, with some exciting instructions lined up for 2024 in Richmond in particular. If the team can help with any of your buy or sale side requirements, then please do reach out.
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