Hill Court Shopping Centre, High Street, Paulton, Bath, BS39 7QC
Franck Steier Price has recently completed the sale of a neighbourhood retail investment on behalf of Radstock Co-op.
The property is located 13 miles south of Bristol and 9 miles south west of Bath. The large village has over 5,300 residents.
The property comprised a neighbourhood retail scheme of 6 retail units with four, two bed flats above. There are car parks to both the front and rear of the property providing in total 31 spaces. There was also included in the sale land to the rear of the car park which offered future residential potential.
Overall the retail accommodation extended to 8,655 sqft and was anchored by a Co-op convenience store.
The property was let to 6 retail tenants and four residential tenants who occupy on AST’s. The WAULT for the retail units was 12 years to expiries & over 10 years to breaks. The Radstock Co-op took a new 15 year lease at £55,000 per annum.
The total retail income was £88,250 per annum while the residential income amounted to £27,840 per annum.
The property was sold to a private investor for £1,625,000 which reflected an initial yield of 6.75%. Steven Lee Property Consultants acted jointly with FSP.