Altitude Investments, a boutique investment agency, based in the South West and The Midlands, have announced the completion their third investment transaction of the year, advising a private client on the purchase of 1&2 Riverside, Omega Park, Alton, Hampshire.
The property was bought from Reheat International as part of a sale and lease back that saw the vendor enter into a straight ten year lease with an open market review in the fifth year. Reheat have occupied the property since its construction in 2008 and it offers high quality accommodation across the two units, extending to 15,688 sq ft. The purchase price was £1.73 million, which reflected a net initial yield of 6.00%.
Tom Vantreen of Altitude comments “1&2 Riverside is a high quality property in an excellent South East location that offers our client secure ten year income. There is strong demand from investors for this type of property so we were delighted to be able to secure Riverside for our client.”
Altitude Investments advise on the acquisition and disposal of commercial property from their offices 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.