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Success at auction for Kavanaghs

Written by Peter Davison on .

One of the auctioned properties in MelkshamOne of the auctioned properties in MelkshamA portfolio of properties in Melksham has been sold at auction in London, by commercial property agent Kavanaghs and joint auctioneers Allsopp.

The portfolio of six shops and four flats at bank Street, High Street and Church Street was sold over five lots, with four exceeding the auction guide prices.

Tenants include Co-operative Funeralcare, Acropolis, Wishing Well, Bluebell Ladieswear, Heywood Financial Ltd, and Grylls Adams estate agents, and represent a total annual rent of just over £93,000.

Stephen Brickell, Kavanaghs’ commercial property manager, said: “ We were approached by an existing client who wishes to downsize his portfolio to concentrate on other ventures.

The undoubted star of the sale was a ground floor lock up shop where the tenant trades as a café, which sold for a net yield of 8.09 percent.

“During the marketing prior to the auction we experienced strong demand from a variety of different types of purchasers, from private individuals to owners of substantial portfolios.”

Duncan Moir of Allsop said: “As ever Stephen has proven his worth as one of leading agents in the South West and I am looking forward to working with him again on several lots we will be bringing into the December auction.”