Melksham and Trowbridge-based commercial property agent Kavanaghs has secured retail and office premises in Cirencester on behalf of an investment client.
51 Castle Street was marketed with a guide price of £480,000 and yields a rental income of 48,000 a year from its tenants – an event catering company which occupies 1,600 sq ft on the ground floor, and a luxury travel agent that occupies 3,000 sq ft on the first and second floors.
Stephen Brickell, commercial property manager at Kavanaghs, said: "We are delighted to have successfully concluded the purchase of 51 Castle Street in Cirencester on behalf of our client – a private investment company.
"The investment produces an income of £48,000 per annum showing a yield of 10 percent. We are pleased to have concluded the purchase, which shows a handsome return on the investment for our client.
"Our client was in the enviable position of having surplus investment funds and asked us to seek out and identify suitable investment opportunities for them across southern England which were high yielding and offering asset management opportunities.
"We carried out inspection and full investment appraisal and valuation. We have been instructed to manage the property for the client post completion and are looking forward to the asset management opportunities in the future.”