Prominent Lake District investment sold for 3% yield

Peill & Company have recently sold the former Barclays Bank unit at Queens Square, Bowness on Windermere LA23 3BY, jointly at CBRE’s London auction on 15 October 2013. The sale price was £653,000 which represents a net initial yield of 3.1% with significant scope to increase the return by letting/development of the upper floors. The ground floor and basement of the property is let to La Galerie D’Art on the basis of a 10-year lease from June 2009 at £22,000 per annum, with a rent review due in June 2014. The property has a ground floor sales area of 905 sq ft (84.08 sq m) and first and second floors former offices/flat of 1,259 sq ft (116.96 sq m). Simon Adams, director of Peill & Company commented “Our clients were delighted with the results of the investment sale, and the marketing of the property attracted interest from throughout the UK and beyond. The Purchaser was a private individual and the deal demonstrates the ongoing demand for prime Lake District retail property investments. Queens Square is a prime position between the Lake and the prime retail pitch of Crag Brow and the unit occupies a prominent position close to Costa, Tesco Express, Mountain Warehouse, Hawkshead and Joules. Our clients are a family property company who have owned the building for over 20 years and we have acted for them throughout their ownership of the property”.