Property overview

Prezzo, 24 Belle Vue Terrace, Malvern, WR14 4QB

sold

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£1,320,000
Nov 2016

Franck-Steier Price has recently completed the sale of a prime leisure unit in Malvern on behalf of a private investor.

The property is located on Belle Vue Terrace in Malvern town centre and comprises a ground floor leisure unit of 6,154 sq.ft.

The property was sold long leasehold for a term of 999 years from completion.

The property is let to Prezzo Ltd for a term of 25 years from 5 October 2015.  The lease is subject to five yearly upward only reviews to open market value.  The current rent is £65,000 per annum reflecting a low rent of £10.56 per sq.ft.

The purchase price of £1,320,000 reflected a net initial yield of 4.65%.

The purchaser was a private investor represented by MacLaren & Partners.