Altrincham Freehold investment sold for over £1.8M
Buzz Communications has sold the mixed use, fully income producing freehold investment at 31-33 Stamford New Road, Altrincham for £1,822,500 to Beachetwood Holdings Ltd.
The fully four storey building comprises 8,500 sq ft. producing an annual income of £121,400 reflecting a net initial yield of 6.4%.
The upper floors were remodelled, when the vendor purchased these former Slug & Lettuce premises, to provide six, two-bedroom well-appointed apartments that are fully let producing a rental income of £76,400 per annum.
German retailer Kutchenhaus took the ground floor retail unit comprising 2,000 sq ft on a 10 year lease from February 2020 which produces a current rental of £45,000 per annum.
Daniel Lee, managing director, Regional Property Solutions, who acted for the purchaser in the acquisition said: “The real attraction of this investment was diversification of income with a good split between the residential and commercial income.
“The apartments unlike many that have been converted for residential use are of a good size and well finished throughout. Kutchenhaus has also established itself as a solid and popular offering to the local community.
Charles Murray, director, Ennerdale Property Services, who acted for the vendor, said: Buzz Communications is now focusing its investment strategy on larger, single let premises and as part of this organic and natural growth, it was time to sell Stamford New Road, which has served them well to date”.
Mark Stansfield, director, Beachetwood Holdings, said: It was a solid investment opportunity for Beachetwood who continue to make some wise investments locally, including the Old Church Rooms at Cecil Road, Hale”.