Retford retail unit sold for £770,000

Brackenridge Hanson Tate (BHT) has sold a retail investment in Retford on behalf of Fairfax Securities for £770,000.

The three-storey Carolgate House, in the heart of Retford’s pedestrianised retail area, was bought by Gold Leaf Property Investments of Rugby.

The sale price equated to an 8.5 per cent net initial yield.

The 9,000 sq ft Carolgate House is let to the Card Factory and Crawshaws Butchers on the ground floor, with a local dance school using the upper floors. The building produces an annual rental income of £69,000.

David Brackenridge of BHT, who advised the Ilkley-based Fairfax Securities, said: “This was an excellent retail investment opportunity in the centre of an attractive and busy market town, just three miles from the A1, with first-class rail links to London, York and Edinburgh on the East Coast Main Line.

“The sale price reflected the attraction of Carolgate House and underlined that the property investment market in Nottinghamshire, as in Yorkshire, remains strong, despite the uncertainty of Brexit and these turbulent political times.

“There is no doubt that well-located properties, with quality tenants and strong covenants, are continuing to prove popular, with property still regarded as a safe investment proposition.

“We were delighted to successfully conclude this sale of behalf of Fairfax Securities and to have achieved a very good price,” he added.