Cheetham & Mortimer have acted jointly with Harmer Ray Hoffbrand to dispose of a mixed-use retail and residential investment property in Bulwell, Nottingham on instructions from the Landlord, Orange Marlborough LLP.
The property comprises a 1,065 sq ft ground floor retail unit let to Barnardo's on a 10 year lease with effect from July 2015, in addition to 4 x one bedroom apartments at the upper floors which were all let on Assured Shorthold Tenancies producing a total gross income of £36,960 per annum.
The sale achieved a price of £460,000, reflecting a net initial yield of 7.47%. Josh Moores, Surveyor at Cheetham & Mortimer advised “Given the lot size and retail/residential income split of approximately 50/50, it was important to target both private commercial and residential investors. It was particularly pleasing to achieve a positive outcome above our client’s expectations.”