Highcroft Investments has announced that it has agreed the sale of its freehold interest in its property at High Street, Staines to private investors. It is expected that contracts will be completed within two months. The property comprises three retail units with offices and storage on the first floor and planning consent was recently obtained to construct nine residential units on top of the existing property. The company says that the rent is £134,650 pa and that contracts on the sale of the freehold have been exchanged for an aggregate gross consideration of £2,292,000 which is 52.8% in excess of the June 2016 valuation of £1,500,000.
Highcroft says that it intends to use the proceeds of £2,292,000 to continue its strategy of investing in larger properties in the south of England in the market that sits between private investors and larger corporate property investors.
The company’s Chief Executive, Simon Gill, says that they took the opportunity of applying for planning consent to redevelop/extend this property at a time when there was growing interest in developing this end of Staines High Street and that the marketing of the investment created a lot of interest resulting in a good outcome for Highcroft.
Highcroft Investments sells Staines High Street property for £2.3m : HCFT