Following hard on the heels of the disposal of 25 Mutley Plan, The Co-operative Estates have sold 23 Mutley Plain for £200,000 subject to contract, which shows the purchaser a net initial return of 11.5%, allowing for normal purchasers costs.
The property consisted of hairdressers trading as Urban Roots on the basement, ground and part first floor on an effectively full repairing and insuring lease expiring in August 2017 at a current passing rent of £13,000 per annum exclusive.
Above the hairdressers are three self-contained 1-bedroom flats providing an additional gross income of £13,490 per annum exclusive.
The Co-operative Estates were advised by Vickery Holman who arranged the sale to a private purchaser.
Head of Investment at Vickery Holman, Mike Oldrieve, commented “A lot of people are unsure about Mutley Plain but I have to say we have always been very successful here, however our clients have always been realistic about prices. I particularly like the east side and would be very keen to talk to any owners who are thinking of disposing of property in this location. We have a number of cash buyers at the present time.
