CBRE offloads £3.3m St Albans retail parade
CBRE Investment Management has sold a retail parade with associated residential properties in St Albans to a private buyer.
The property at 29-31 St Peter’s Street is to Costa Coffee and Vision Express, with two flats on the upper floors let on assured shorthold tenancies.
The commercial aspects of the property have a weighted average unexpired lease term of 7.47 years to expiry and 5.44 years to break, with two lease renewals having been completed in September 2024.
Nearby tenants include Tesco Metro, Pret a Manger, Marks & Spencer, Itsu, Five Guys, and Superdrug. The property also benefits from close proximity to the city’s main multi-storey car park, which provides approximately 1,100 spaces.
The sale was completed ahead of the asking price of £3,335,000.
TW Keil acted for CBRE Investment Management.