Mixed use units in Bury St Edmunds sold to investment firm
A property investment firm has bought a multi-let retail and residential investment in Bury St Edmunds town centre.
The sale, facilitated by Barker Storey Matthews in Bury, comprised five retail units and six self-contained one-bedroom flats in St John’s Street totalling 6,038 sq ft.
The retail facilities are fully let with current tenants including Age Concern Suffolk, The Bury Chocolate Shop, Dance and Party Crazy, Mark Ewin Estate Agents and Lou La Bells Boutique, while five of the studio flats are also currently in use.
A spokesman for purchaser Harkalm Investments said the site also offered ‘planning gain potential’ and plans were being drawn up to turn a 1,449 sq ft outbuilding at the back of the property into potentially three more flats.
He added: “Our investments generally are predominantly retail investments so we’ve not really gone after this for residential but we like Bury as a town.
“It’s a strong town from a retail perspective - there’s relatively high occupancy there and the tenants there have been there for some time.”
Simon Burton, director at Barker Storey Matthews, said: “The sale of this property demonstrates the continued demand for retail investment property in Bury St Edmunds, and the popularity of this type of asset in strong market towns in general.”
The final sale price has not been disclosed but its initial net yield is said to be around eight per cent.