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