The High Street is a strange place in almost every town nationwide currently, with vacancies on the up and plenty of top retailers seemingly in trouble. Whilst this state of affairs is undoubtedly having an impact on the investment market, there are plenty of buyers out there that remain acquisitive.
The calibre of a tenant used to be the main driver behind investment value, but nowadays the sector in which that tenant operates, and the specific pitch of the property are far more critical. Recession and internet-proof businesses are targeted as occupiers, and top quality positioning is key in case a property comes available.
This property, located at the Southern end of Bromley's busy pedestrianised zone comprises an A1 unit let to a local charity until 2028, and a large 3 bedroom upper maisonette let on an AST. Despite failing to sell at auction in late 2018, we were confident of locating a buyer. Our sale to a private investor was made comfortably ahead of the auction reserve, and at a blended net yield of 6.7%.