Our Capital Markets team has advised a private investor client on the purchase of 40 Park Street, Bristol, a retail property with 4 two bed and one 5 bed flat flats above.
The ground floor and basement are let to Jacob’s Gentlemen’s Barber-Rista’s who trade as a barber and café and the property currently generates an income of £72,800 per annum.
The purchase price was £1.10 million which represented a net initial yield of 6.25%.
David Ferris, investment agency partner in our Bristol office commented, “We are delighted to have secured this investment on behalf of our clients in such a popular retail location in Bristol. The property was built by the vendors immediately after the second war after the previous building was destroyed by a bomb and incredibly has been in the same ownership ever since.”
The vendors, Stride Holdings, were represented by Hootons.