Exterior view

Acting on behalf of clients, Faircroft Properties, Stiles Harold Williams has let a prime retail unit to Premier Coffee Ltd t/a Costa Coffee.  The property is in the heart of the pedestrianised part of the High Street and adjacent to Clinton Cards and opposite the Halifax and HSBC.

The tenant took a 10 year lease from January 2010 at a rent of £28,500 per annum.

Following on from the successful letting, Stiles Harold Williams was then instructed to sell the investment and after a short period of marketing was able to identify a private Irish client of HO2 plc.  The buyers, who will retain the property in their investment portfolio, paid a price of £425,000 which reflected a net initial yield, after standard costs, of 6.4%.

Nick Bradbeer, Director of Stiles Harold Williams’ Investment Department, commented ‘Despite the doom and gloom in the market, this type of property let to a strong tenant in a popular town is always going to attract a good response.  We had a number of interested parties and agreed terms after requesting sealed bids’.