Lawson Commercial have sold, as an investment, the freehold of 2 Belmont Buildings in the High Street at Crowborough which is let to JP Nails.
The premises comprises a well fitted ground floor shop with a small flat above, held on a long lease expiring in August 2029 at a rent of £15,000 pa.
There was a huge amount of interest in this property and we received 5 offers for the investment. We ended up going to best bids and sold the property for a figure in excess of the asking price of £200,000.
This highlights the very strong demand for investment properties and, bearing in mind that the marketing took place during the pandemic, shows that people are not put off buying something in a High Street at least in the Wealden area.
Acting for a Sussex-based property company Lawson Commercial have acquired the freehold investment of 11-15 High Street in Uckfield.
The property includes 3 prime shops which are let to The Works, Superdrug and Santander Bank. The premises were owned by a Guernsey based investment company advised by a firm of London surveyors.
It seems they felt that, following the pandemic and lockdowns, owning High Street retail in small towns was perhaps not the best investment. However we believe that they misread the market as our experience, based on our local knowledge, is that retail in the smaller Sussex towns has been extremely strong over the last 18 months.
The acquisition shows a particularly good yield in current market circumstances and our Clients are very pleased with the acquisition. Lawson Commercial have been retained as managing agents.