Seafront Mixed Use Investment Building SOLD
Star Property are pleased to have just completed the sale of this substantial investment building in Marine Parade on Worthing seafront, comprising of 17x flats and a commercial restaurant bar premises on the ground floor.
The property is currently producing a combined income of £174,330pa with potential for for improvement and was sold for £2,530,000 which represents a 6.48% NIY.
Contracts were exchange in under four weeks of the sale being agreed by Richard Lowrey of Star Property, this is the kind of speed that we are seeing these sorts of deals completed by as buyers look to offer vendors a quick and secure turnaround on any sale.
The market is continuing to see a high demand for these types of investment buildings and with most investors we work with looking to increase the size of their portfolios and with a lack of available stock on the market, this demand is not expected to decrease anytime soon.
If you have an investment property, which you are considering selling and would like some professional advice on the value and potential disposal route, please get in touch with Commercial Director Richard Lowrey.
Tel: 01273-037190 / 07725723021