16-18 High Street, a historic Grade II listed property in the heart of Abergavenny, has been sold to a local investor for just under the quoting price of £1.3m.
The property was acquired in 2018 by a national developer who carried out extensive works whilst agreeing a new lease to Mountain Warehouse. The lease agreed was for a term of 10 years paying an annual rent of £85,000.
Following the letting and subsequent works, the developer decided to begin marketing the property and subsequently achieved a timely sale.
David Williams of Emanuel Jones, who initially acquired the property, negotiated the lease to Mountain Warehouse and acted on the sale, commented:
“We are delighted to have been involved in this transaction from the initial acquisition through to the investment sale. It proves that there is still demand for investment properties and in particular, retail investment which has recently been over looked given the current situation. It is great to see the Art Deco frontage being brought back to life again as it was when the notable Chevron High Club occupied it in the 1970/80’s.”