Want Space Got Space - Offices, retail and industrial space Want Space Got Space - News about how to find and advertise commercial property to let, rent or sell in England, Wales and Scotland including Offices, Warehouse, Commercial, Manufacturing, Shops and Retail.

 

Categories:

Former Well Park Brewery sold

wantspacegotspace.co.uk - Former Well Park Brewery soldBrewers Court, a development of 14 modern apartments has been sold by the Investment Department of Vickery Holman.  

Developed originally as the Well Park Brewery in 1870, with the last beer being poured in 1925 by J A Devonish & Co. which produced “a range of superior ales”.  

The property underwent comprehensive conversion and part development in 2005 to provide 14 mainly two bedroom apartments, a number with ensuite bathrooms.

The property also includes a site of 0.1 hectares (0.25 acres) which had planning consent for a further 13 apartments which has not been implemented.

The existing apartments are arranged around a secure car park accessed from Willeys Avenue.   All apartments have gas fired central heating and modern fitted kitchens.

The apartments are currently fully let producing in excess of £118,000 per annum gross, all let on assured shorthold tenancies.

The purchase price was £1.55 million which after allowing for development site and adjustments to provide a net rent suggests a net initial return of 7.46% allowing for normal purchasers cost of 5.8%.  The property was sold to a local private investor.

Vickery Holman’s Director and Head of Investment, Mike Oldrieve comments:

“We have been working on Brewers Court for a number of years now and have had one or two false starts but I think it can be taken as a sign of an improving market that the sale has now completed.  Exeter is certainly riding on a high and this combined with an improving residential market makes for an attractive purchase”.

Posted by The Editor (wantspacegotspace) on 16th June 2013 (updated 24/06/2013)

Back to news list

 Surrey  Leeds  Leicester  Derby  Nottingham  Birmingham  Manchester  London  Essex  Milton Keynes  Northampton 
 Kettering  Cardiff  Basingstoke  Dorset  Shrewsbury  Bristol  Southampton  Reading  Bolton  Coventry  Swansea  High Wycombe 
 Corby  Rugby  Worcester  Chelmsford  Lincoln  Bedford  West Sussex  Doncaster  Wolverhampton  Telford  Croydon  Slough 
 Cornwall  Solihull  Sittingbourne  Fareham  Watford  Portsmouth  Ashford  Greater Manchester  Luton  West Malling  Kings Hill  Middlesex