£930,000 paid for Falmouth town centre building
9:00am Tuesday 29th January 2013 in News
A PROMINENT property on Falmouth’s main street which houses two national names has been sold to a local private investor for almost £1million.
Chartered Surveyors Miller Commercial bought the premises at 22-24 Market Street on behalf of their client, through CBRE Auction House in London for £930,000.
The property has tenants which include Santander Bank and Good Enough Shoes, who trade as Clarks.
These are reported to bring in a combined rental income of £87,500 per year, producing a net yield of almost nine per cent.
Peter Heather, a partner at Miller Commercial, said: “The location of the property in the heart of a thriving town and occupied by tenants with good covenant strength made it a worthwhile investment.
“A yield of this return would have been unthinkable only three years ago. It serves to demonstrate the effect of the recession and the difficulties of raising finance in the current market conditions.”