6 Castle St, Ludlow
Franck-Steier Price Ltd (FSP) (0121 237 6070) and Samuel Wood (01743 272720) have recently completed the sale of the freehold interest in a prime retail investment in Ludlow, Shropshire, on behalf of Wayland Developments Limited.
The newly refurbished building comprises a retail unit on the ground floor with basement storage and three upper floors which have been converted to provide six residential apartments.
The ground floor and basement are let to Country Casuals Ltd for a term of 10 years from 31 March 2008. The rent is £45,000 per annum.
The lease is held on effective full repairing and insuring terms subject to a review in the 5th year. The six apartments are let on a lease for 999 years paying a combined ground rent of £800 per annum.
The investment was purchased by Colomon Properties Ltd, represented by Mark Atkins Associates (01905 613555), for £625,000 which reflected a net initial yield of 7.0%