Avignon Capital, the European property investment firm and asset manager has sold a Revolution bar in Cheltenham to a private investor for £2.8m, reflecting a net initial yield of 6.35%.
The attractive Grade II listed former church is situated in the heart of Cheltenham and let to Revolution Bars. Cheltenham is an affluent and prosperous Spa town located in Gloucestershire. The tenant carried out an extensive refurbishment of the whole property in May 2018.
Avignon acquired the 9,066 sq ft property in 2016 for £2.4m and the asset management strategy on acquisition was to complete the rent review which was finalised in June 2018. During ownership, the rent increased by £20,430 pa.
Steph Legh, Asset Manager at Avignon Capital, said: “Having acquired the leisure asset in 2016 and subsequently completing the rent review in June 2018, this sale follows the completion of our business plan to capitalise from the additional income at review.”
Avignon Capital was represented by CWM Partners and Gateleys PLC during the transaction.
