Bolton Birch has announced the successful freehold sale of 100/102 Northgate Street in the City.
This prime mixed retail and residential property has a restaurant on the ground floor and two storeys of residential apartments above. The property is located opposite Storyhouse and near the 500,000 sq ft Chester Northgate retail, leisure and residential development in the heart of the City which is set for opening in the Autumn.
Jonty Goodchild, Director at Bolton Birch said;
“The sale of 100/102 Northgate Street is indicative of the prevailing strong demand for investment properties in Chester’s City Centre particular for mixed use properties. With mixed use the risk profile of the property is lower. If a tenant leaves it effects rental income for a smaller fraction of the overall income in comparison to single let properties. Mixed use spreads the risk.”
He added; “This was a quick sale with lots of competitive interest and we agreed terms very quickly. The sale completed last week. The buyer was impressed with both the City and the level of investment going on here in hotels, retail, commercial and residential, particularly with the Northgate development nearby.”
Bolton Birch are currently seeking more properties of this type in Cheshire.
