Commercial Property News

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Tuesday, September 23, 2023

Yorkshire client purchase for Lambert Smith Hampton

Leeds-based national property consultants, Lambert Smith Hampton (LSH), has acquired the freehold interest of Cotta House, 161-179 Hallgate, Cottingham on behalf of a private investor for 510,000, representing an initial yield of 8.12%.

The mixed use investment encompasses ground and first floor accommodation, totalling approximately 5,067 sq ft and is let to three separate tenants with a rental income of 43,775 per annum. A review of the restaurant rent is due in August 2008 where an uplift is expected, and the remainder of the property also offers asset management opportunities and future development potential.

David Watson, Head of LSH's Investment Department in Leeds, commented: "This purchase is a clear indicator that, while we have seen a reduction in the number of big ticket deals taking place recently, there is still a demand for opportunistic deals where the purchaser can see the potential to add value through asset management".

The vendor, Cheviot Investments Ltd, was represented by Steadman Brierley.