Queensbury Investments has acquired a town centre building for £2.52 million in an off-market deal arranged by Vail Williams.
The property, at 48-56 High Street, Godalming, which is let to JD Wetherspoons for its Jack Phillips pub, Fat Face and Snap Fitness, was sold on behalf of a private investor.
The building generates £265,431 a year in rent, representing a net initial yield of 9.9 per cent.
Vail Williams senior surveyor Ben Duly and associate Ed Martin worked on behalf of their client in the sale.
Ben said: “We were instructed to dispose of the property. After speaking to a number of parties we felt might be interested in the off-market opportunity, a competitive bidding process was held and the property sold to the highest bidder.
“The result was a great deal for both vendor and purchaser. At a time when retail investments can still be reasonably tricky, it demonstrates yet again that investors remain confident in retail bricks and mortar.”
Vail Williams has managed the building for several years and has been retained by the buyer.
Ed said: “We are delighted to be retained by the purchaser. As property manager, we maintain the common parts, inspect them frequently and deal with issues identified.
“We also deal with the service charge management, which includes budgeting for expenditure and annual service charge reconciliations in accordance with the RICS.
“Because we have built up a good relationship with the tenants it helps obtain a steer on how their businesses are performing.
“We take a collaborative approach with the client and the tenants to ensure we deliver the best possible service and take overall responsibility for the building.”
Queensbury Investments director Ross Kemp said: “We are grateful to Vail Williams for approaching us regarding this off-market opportunity as they knew we had other assets in the town. It complements our commercial property portfolio in the immediate vicinity.”
Law firm Penningtons Manches Cooper acted for the vendor while TWM Solicitors represented the purchaser.
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