St Albans bank building boost for our UK property portfolio
Our nationwide property portfolio has expanded with the purchase of a bank building in St Albans, Herefordshire, in a six figure sum deal.
Having recently acquired the prominent Yorkshire House office building on Chapel Street in Liverpool’s business district, we are thrilled to have secured our second commercial property this quarter with the purchase of the TSB bank store on Chequer Street, St Albans main high street. Formerly part of the Queens Hotel, the ground floor unit, with a total lettable area of over 1,962 sq ft, benefits from ancillary basement storage and is housed under the newly converted luxury apartments that make up the upper parts of the building.
The current tenants, TSB Bank plc, will continue their ten-year lease of the property with the new investors until it comes under review in 2021. Millfield Estates were represented in the purchase by D & P Klein, while the vendors were represented by Brasier Freeth.
Paul Dobson, property director, commented:
“This was an opportunity to acquire a well-secured, well-located retail investment in a prosperous south east city. We are passionate about developing properties across the UK and are proud to already manage commercial units and retail spaces in Birmingham, Bolton, Cramlington, London, Manchester, Northwich, Nottingham, Sunderland and Wakefield. The strength of St Alban’s retail market is indisputable and so this was a logical investment for us.”
The Chequer Street procurement adds to Millfield Estates’ current profile of over 17 properties throughout the UK, which consists of high standard office space, industrial warehousing and prime high street retail.
Millfield Estates represent the property arm of W M L Industrial Holdings Ltd, with Paul Dobson managing the development of the company’s portfolio across the UK.