Pacemanor, the south-east-based development company, has completed the sale of 1-3 Mansion House Street, Newbury, to Kingscastle, a private local developer.
The property comprises ground floor and basement retail with two vacant upper floors (formerly in office use) with separate access.
The whole property comprises approximately 4,081 sq.ft. but had the benefit of a planning consent for an extension of the upper floors for residential use in total comprising some 6,700 sq.ft and which would provide 11 units.
The ground floor and basement retail space is let to Phase Eight (Fashion & Designs) for 15 years expiring October 28, 2022 at a passing rent of £92,500 per annum exclusive.
The attractive property is very prominently located within the conservation area, opposite the Town Hall and next to the Kennet and Avon Canal, within the central area of Newbury, within easy reach of shopping (Parkway) and town centre facilities including restaurants.
Pacemanor managing director Jamie Ludlow said: “The disposal of Newbury has released capital for us that we are looking to redeploy into our new student accommodation development projects.”
The quoting price for the freehold property was £1.4 million subject to contract.
London Clancy acted for Pacemanor.
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