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A prominent building on the edge of Exeter city centre has been sold by Stratton Creber Commercial.
6 Blackboy Road has been the home of Exeter-based accountants Beard & Co for over 35 years. The company offered the building for sale subject to a leaseback at a rent of £9,750 per annum, allowing them to remain in occupation while releasing capital.
The property was brought to market in lockdown and, after an initial sale fell through, the property was re-marketed and placed under offer at a higher asking price. The sale achieved in excess of the asking price of £137,500, and the price achieved showed a net initial yield of 6.79%.
Jonathan Ling, who handled the sale on behalf of the vendor, comments: “The price achieved is a reflection of the high levels of demand we are seeing from private investors for clean investments with an affordable lot size. The price achieved is in excess of expectations and provides clear evidence that the unprecedented events of recent months have not dampened investor demand or sentiment.”
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