A large shop that hosts a healthcare business in a prime trading position in Royal Leamington Spa has been sold in a deal sealed by Bond Wolfe.
The retail investment opportunity at 7, 8 and 9 Lunn Poly House on The Parade, close to the junction of Clarendon Avenue, was purchased by a local investor for £490,000.
James Mattin, managing director of Bond Wolfe, explained that the ground floor property is currently let to Space Healthcare Ltd for £40,000 rent a year, which means the sale equates to a net initial yield of 7.80%
Space Healthcare, which is a premium provider of laser eye surgery and cataract surgery along with optical and dental care, is on a 10-year lease until January 2027.
Mr Mattin said: “We are delighted to have concluded another sale in the centre of Leamington Spa.
“This sale is synonymous of what we are seeing in the marketplace at the moment.
“Private investor demand for quality tenant occupied retail investments remains robust despite the doom and gloom surrounding the recent budget.”
The 4,840 sq ft corner property which has service access to the rear is located close to national brands that include Tesco, Greggs and Poundland.
7, 8 and 9 Lunn Poly House is on a long leasehold, with a new 999-year lease at a peppercorn ground rent.
Royal Leamington Spa is an affluent spa town in south Warwickshire, with a wide range of attractive Regency architecture.
The town’s train station benefits from Chiltern mainline services to Birmingham and London Marylebone.
It is also close to Junctions 13 to 15 of the M40 motorway, approximately 18 miles south-east of Birmingham and 30 minutes from Birmingham International Airport.
CBTC West Brom provided legal advice for the vendor, while Starck Uberoi Solicitors acted for the buyer.
