Garness Jones’ local commercial property market knowledge and expertise has helped an investor to not only purchase a profitable mixed-use property in the heart of a busy community – but also secure a national retail tenant which they have also taken a stake in.
Our team were contacted by the investor to seek out opportunities for premises offering ground floor retail and first floor residential opportunities – an area of the market which is presently proving great value for those able to purchase outright.
And Paul White, director at Garness Jones, says the timing proved perfect, as he was also aware that One Stop Stores Ltd, a popular national supermarket franchise which is a subsidiary of Tesco, was also looking to find a franchisee to operate in the area.
Mr White was able to bring the relevant parties together, with a deal agreed which also proved good value for the vendor.
‘We have our ears to the ground’
“One of the great strengths we offer to both commercial property investors and vendors is that we have a great overview of what is happening in the market locally, as people come to us and ask us to seek out appropriate opportunities for them,” said Mr White
“Our teams have their ears to the ground, and this case is a great example of why that is so important, as we were able to bring this property to the attention of the buyer before it had been placed on the market.
“And, as we’d been made aware that One Stop Stores were keen to open in this area of the city, we were able to mention this to our investor client, and they were keen to become involved in that as well as purchasing the property.
“This led to a quicker sale, which obviously was beneficial to the vendor as it saved on marketing costs, and meant the property was only empty for a short period of time.
“It’s also a great boost for the local area as a new seven-days-a-week supermarket is to open, and the new owner also intends to invest into a refurbishment of the first floor to two residential apartments.”
Mixed use properties proving popular investments
Mr White says small, mixed use properties across East Yorkshire continue to prove a great investment, especially when bought outright, offering net Initial Yields of 8% -10, dependent of location and term left on the leases.
Recent deals completed included by the Garness Jones team have included the sale of a property in Chanterlands Avenue, comprising of a ground floor retail unit and a first floor two bed flat, and another property in Newland Avenue.
Such Class E commercial properties can be used for a wide range of business ventures, from retail, restaurants, cafes and leisure offerings to offices for financial and professional services.
Significantly there is no need for business owners to apply for permission to change between these approved usages, helping landlords in their search for tenants, and business owners to open quickly, without planning delay, when taking on new properties.
