Mixed-use property investment sold in Leighton Buzzard

IPM SIPP Administration, represented by Curchod & Co and Stimpsons Eves, has sold the freehold investment of Leck House, 2-4 Lake Street, Leighton Buzzard in Bedfordshire to Jackson Bedford Limited for £775,000.

The 6,305 sq ft, Grade II Listed building includes two, self-contained, ground floor retail units, five self-contained office suites to the rear and five residential flats that have been sold on long ground leases.

The retail and office accommodation is let on six separate leases and the property produces a net income of £71,900 annually.

The transaction reflects a yield of 8.68%.

Nick Reeve of Curchod and Co in Farnham said: “The market for real estate investments is very active at the current time with demand outstripping supply. Investments such as this, which offer a mix of tenancies and property types reduce the risks to property owners and provide an opportunity for proactive asset management, are particularly sought after.”

Jackson Bedford was not represented in the transaction.