Member Article

Withington Retail and Resi investment sold for £705,000

A mixed retail and residential investment at 476-478 Wilmslow Road, Withington, Manchester has been sold for £705,000 by Regional Property Solutions on behalf of a private client.

The property comprises four let apartments on the upper floors with two retail units on the ground floor, one of which is currently vacant providing 1,232 sq ft.

The investment currently produces an income of £36,120 per annum with an estimated rental value when fully let of £56,720 per annum representing a gross yield of approximately 5.12 % and a reversionary yield of 8%.

Daniel Lee, director, Regional Property Solutions said: “This investment in a prominent village location offers the opportunity to improve the rental income through a modest refurbishment programme. The sale attracted a great deal of interest and was successfully acquired by another private purchaser underpinning the level of demand for mixed use investments in the suburbs”.

This was posted in Bdaily's Members' News section by Jill Brain .