Three, 84 Broadmead, Bristol, BS1 3DW
Franck-Steier Price, jointly with Fawcett Mead, have recently concluded the sale of a prominent retail investment in central Bristol.
The building occupies a prominent location on pedestrianised Broadmead with nearby occupiers including M&S, Sainsburys, GAP and Boots.
The building comprises a ground floor retail unit with two ancillary upper floors. The premises overall extend to 4,920 sqft.
The property was let to Hutchison 3G UK, trading as Three. The tenant had recently renewed on a 5 year lease from February 2015. The passing rent of £107,500 per annum reflects £95 ZA.
The property was held long leasehold from Bristol city Council on a 125 year term from 1996 with a current ground rent of £2,688, reflecting 2.5% of OMV rents received.
A private property company, represented by Rowley Hughes Thompson, paid £1,325,000, reflecting an initial yield of 7.48%.