A fund managed by Chancerygate and advised by KLM Retail has the freehold investment of a retail property at 12-26 The Broadway, Crawley sold for £5.5m to private clients of Cluttons.
The substantial 55,000 sq ft three-storey property located on The Broadway in Crawley has been let to Wilkinsons Retail since January 2012, on a 15-year lease at a rent of £420k a year. The sale reflects a net initial yield of 7.22%
The investment has a relatively low passing rent, whilst the upper floors have potential for reconfiguration for alternative use, subject to planning.
KLM Retail Partner, Mark Bennett said: “There was a high level of interest in the property from investors, illustrating that there is still strong demand for well let property with angles for alternative use.”
Please contact Mark Bennett for further information.