Clifton have successfully advised Palace Capital on the disposal of 1-11 Winchester Street in Salisbury. The part Grade II listed Freehold property was fully let to 5 retail tenants with a WAULT of circa 5 years.
The prominent corner parade provided several asset management opportunities in the short to medium term, including re-developing underutilised upper parts, increasing car park revenue and future break-up potential.
After competitive bidding, the asset sold ahead of quoting terms for £2,010,000, reflecting a net initial yield of 7.84%.
Ben Simpson commented:
“It was great to work with Jonathan Butcher (Palace Capital) for the first time following his own recent move client side. The number of bids received was testament to the weight of demand, for well-priced multi-let properties in affluent Cathedral city locations.”
Comments