A mixed-use retail and offices building on Cheltenham High Street has been sold for £5.3m.
Investment firm Addington Capital has sold the property located next door to John Lewis at 109-117 High Street, which is occupied by Tesco, Dodo Pizza and Barnardo's, to London-listed real estate firm Picton.
Addington managed a joint venture which previously bought the building in 2015 before redeveloping its upper floors into workspace, and creating a new courtyard at first floor level.
The building is now fully let, with tour operator Just Go Holidays taking 11,193 sq ft of office space over the two floors and 4 car parking spaces.
Addington said the scheme provides a current net income of around £410,000 a year - with fixed uplifts in the leases set to take this up to around £510,000.
David Dalrymple, partner at Addington Capital, said, “After a redevelopment of the building followed by a successful leasing campaign, we have re-purposed this tired, old high street building to provide a contemporary office and retail space in the centre of the town which has attracted some strong tenants.
“It is now the right time in the portfolio’s cycle to sell and we are pleased to have found a strong purchaser. Cheltenham is a thriving regional town and the demand for quality real estate continues to grow.”
KLM advised the vendors on the deal.
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