A property which enjoys a dominant position in the heart of Beverley town centre’s retail offering has been acquired by Garness Jones for an investor.
Situated on the north side of Toll Gavel, the premises are fully let to a number of businesses with a varied mix of lease agreements coming to an end at differing times over the next 10 years. It also benefits from ownership of 10 income-producing car parking spaces.
The purchase has been handled by the investments team at Garness Jones, which uses its market knowledge and insights to identify opportunities to add to investors, helping them to build and develop income generating property portfolios.
In this case Paul White, director of Garness Jones, was acting on behalf of a family trust, which had indicated an interest in properties coming available in the historic market town.
“Beverley boats an affluent population, excellent visitor numbers and a very strong retail offering already, with many local, regional and national operators in the town centre. It makes it a very attractive proposition to investors when the right properties become available,” said Mr White.
“This property offered a fantastic opportunity to the investor as not only are the tenants already generating good levels of income, but the property also has the potential to deliver significant financial returns in the future.
“It is in a fantastic retail location, is fully let by successful businesses, and is also surrounded by national retail brands nearby. The lease terms and break agreements allow for the new owner to shape the future of this property also, which was an element of the deal which was attractive.
“We have been pleased to offer our advice and support with regards this opportunity, and are delighted also that our Commercial Property Management team to have been instructed to manage the rental collection, service and car parking moving forward.”
