The freehold building that used to house the Slug and Lettuce bar in Altrincham town centre has sold for over £1.8million.
Beachetwood Holdings Ltd has bought the property at 31-33 Stamford New Road from Buzz Communications £1,822,500.
The four-storey building comprises 8,500 sq ft and delivers an annual income of £121,400, a net initial yield of 6.4%.
The building’s upper floors were remodelled into six two-bed apartments – which produce a yearly rental income of £76,400 – when the vendor bought the former Slug & Lettuce premises for £915,000 in November 2017.
In February 2020, German retailer Kutchenhaus took the ground floor retail unit comprising 2,000 sq ft on a 10-year lease, which produces a current rental of £45,000 per annum.
Daniel Lee, managing director, Regional Property Solutions, who acted for the purchaser in the acquisition said: “The real attraction of this investment was diversification of income with a good split between the residential and commercial income.
“The apartments unlike many that have been converted for residential use are of a good size and well finished throughout. Kutchenhaus has also established itself as a solid and popular offering to the local community.
Mark Stansfield, director, Beachetwood Holdings, said: “It was a solid investment opportunity for Beachetwood who continue to make some wise investments locally, including the Old Church Rooms at Cecil Road, Hale.”
