3-3a High Street, Stamford
Franck-Steier Price has recently concluded the disposal of a new retail investment in the centre of Stamford town centre.
The property sold was a recently converted double retail unit which had been purchased with vacant possession and then converted into a single retail unit for Crew Clothing who were keen to get representation in the town.
The property comprised a ground floor retail unit of approximately 1,000 sqft with ancillary upper floors. The entire property was let to Crew Clothing on a new 10 year lease at a rent of £58,000 per annum.
The property was sold on behalf of a property company client of FSP at £985,000 with reflected a net initial yield of 5.57%. The purchaser was a private client of Reid Rose Gregory.