INVESTOR CASHES IN ON LEWISHAM POTENTIAL
An unnamed property company has paid £1.45m for a freehold retail unit with residential potential in the south-east London borough of Lewisham. The sale price reflects a net initial yield of 5.07%.
Located at 112 High Street on a prime pedestrianised site, the unit is let to The Money Shop on a 15-year lease, with just 3.75 years’ unexpired, at a current passing rent of £78,000 per annum.
The property benefits from an opportunity to extend, refurbish and convert the two unused upper floors into residential accommodation, providing a significant uplight in value.
HRH Retail represented the vendor, Welbeck Investment Management.