Altitude Investments, a boutique investment agency, based in the South West and The Midlands, have announced the completion of another investment transaction for 2020, advising a private client on the sale of the Sainsbury’s Local on Streatham Hill, London.
Let to Sainsbury’s Supermarkets Ltd for over 11 years, with an open market rent review in 2021, the property sits in an excellent location on the busy Streatham Hill. From an initial guide of £1,155,000 a purchase price of £1,200,000 was achieved after strong interested from numerous parties. The purchase price reflected a net initial yield of 5%.
George Turnbull of Altitude comments “The property is well located, let to a strong covenant and has a good reversionary story with the rent review next year. The sale was concluded off market in the midst of lockdown, but we were able to generate strong interest leading to achieving in advance of our guide price and are delighted to have secured a great result for our client.”
The sale adds to the recent off market success Altitude have had throughout lockdown, utilising their network strength in the UK markets, despite adverse conditions.
Altitude Investments advise on the acquisition and disposal of commercial property from theiroffices in Exeter, London & the Midlands, acting for a number of private individuals, property companies and family trusts, as well as undertaking some institutional work. Altitude Asset Management is a sister company to Altitude Investments that offers clients hands on expertise in the development and execution of asset management strategies.