Turnstone Estates has sold the freehold investment of 191/192 Moulsham Street, Chelmsford to Structadene Group for 1.
Turnstone sells 191/192 Moulsham Street, Chelmsford
415m, reflecting a net initial yield of 7.4%.
The 5,897 sq ft property comprises two ground floor retail units totalling 3,189 sq ft and four refurbished office suites on the first floor totalling 2,708 sq ft.
Tenants include Co-Operative Group, Newell Properties and London Scottish Bank, providing an annual rental income of 104,700.
Chris Goldsmith, managng director of Turnstone Estates, comments: 'We acquired the building half vacant in 2001 along with a portfolio of properties on Moulsham Street. Having carried out a refurbishment, there is only one small suite left to let.'
Taylor and Company advised Turnstone Estates. Kemsley Whiteley & Ferris advised Structadene.
Established in 1989, Turnstone is one of the most active and dynamic property companies in the south east of England.