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Consol Tanning Studios popular with investors

By October 18, 2018January 26th, 2021Member News & Updates, Why Exeter blog

Vickery Holman report the sale of a second Consol Tanning Studio Investment this time in Frances Street Truro. 
 
The property consists of a ground floor shop and self-contained flat at first floor. The ground floor shop extends to 960 sq ft (98.18 sq m) and is fitted out with the company’s latest sunbeds providing the ultimate solarium experience. 
 
Consol Southwest Limited have taken a new 10-year lease of the ground floor only at a rent of £18,000 pa excl. with a break and review in year 5 on effectively full repairing and insuring terms. The flat was let on an AST agreement at the time of sale.  
 
The purchaser a private individual paid £277,000 which reflects a net initial return of 8.43%. allowing for purchasers cost of 3.2%. 
 
Vickery Holman’s head of investment Mike Oldrieve comments “Retail is seeing a lot of changes at the moment and it is important to focus on the tenants and whether they have a sustainable business which will thrive in the current environment. Our client has several units throughout the South West and has a program of sustainable growth which investors obviously recognize”.