St Albans

St Albans: 1-3 St Peters Street

February 2023
St Albans
  • Rare city centre consented redevelopment investment
  • Passing Rent: £135,000 per annum
  • Price: Circa £2,450,000
  • Net Initial Yield: Circa 5.25%

Acting on behalf of Kennedy Wilson, Fawcett Mead are delighted to have sold this extremely rare city centre consented redevelopment investment.

The property comprised a prominent Grade II listed freehold building on the eastern side of St Peters Street - the 100% prime retailing thoroughfare in St Albans. Anecdotally we understand that Queen Victoria’s first public appearance following her coronation in 1938 was made from the first floor balcony of the property.

The retail element is fully let to Joe & The Juice UK Ltd and Crew Clothing Co. Ltd on new post-Covid leases showing rebased rental levels. The remaining parts benefit from planning consent to create four residential flats and two town houses.

The property sold in a competitive environment with a number of under bidders.

Patrick Kilvington commented "We were extremely pleased to have been involved in the sale of this consented redevelopment investment. This follows a number of sales on behalf of Kennedy Wilson in recent years since they began to wind down their retail fund. The marketing process drew out a number of interested parties, including three high profile celebrities, showing significant demand for mixed-use investments in affluent towns such as St Albans.”

Thanks to Harriett Cundy and Max Clynes of Kimmre who acted for the purchaser.

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