London property consortium invests £500,000 in Melton Mowbray

A London property consortium has invested in Melton Mowbray.

In a deal brokered by FHP Property Consultants, Ratcliffe’s has bought 1 South Parade, which is let to retailer Shoe Zone, for £505,000.

Noel Roper of FHP Property Consultants said: “We were delighted to act on behalf of the owners of this property for whom we have acted for over 10 years in effecting a confidential disposal of this freehold retail investment. The property was only offered to 6 parties and after a competitive bidding situation we were able to achieve what we consider to be an extremely satisfactory purchase price for a five year lease, at a yield of 6.55%.”

The purchasers, who are syndicate operated by Ratcliffe’s, were represented by David Bull of Brook Street, London, W1.