Residential Conversion Sold Gosport, Hampshire
Primmer Olds BAS acquired the freehold retail, leisure and office investment on behalf of a retained client from Milton Group showing a yield of approx. 10%.
The mixed investment included tenants, Anytime Fitness, Hampshire County Council and charity Rowan’s Hospice. Following some asset management, Primmer Olds BAS then sold the vacant offices of circa 8000 sq ft to a local residential development/investment business for conversion to residential via permitted development rights. The property occupies a prominent corner position in a central location adjacent to a Waitrose supermarket.
Director, Duane Walker commented; “This was a good purchase for our clients, showing a strong initial return with good income enhancement prospects on the retained elements and an improved holding yield following the sale of the void upper parts.”