Property consultant Eddisons and law firm Gordons have completed two commercial property investment transactions within a week in Harrogate, with a combined value of £2.4m.
On Cheltenham Parade in the town, the building that is home to Harrogate culinary institution, Graveley’s fish and chip shop and seafood restaurant, has been sold to property investor and developer Marrtree for £970,000.
In addition to the restaurant, which is let to Graveleys, the first and second floors of the property contain five apartments and the building produces an annual rental income of £73,400.
Eddisons has also sold serviced office hub, Harrogate Business Centre, on Hookstone Avenue, to Andrew Hillas Properties, for £1.45m. Established over 30 years ago, the 11,500 sq ft space includes 46 offices and two workshops and has a 95 per cent occupancy rate.
Eddisons acted on behalf of the vendors on the sale of both properties. Steven Jones, associate agency director, said:
The property market in Harrogate is buoyant and the town’s desirability as both a place to live and to work gives it an edge over other nearby locations.
The Harrogate leisure scene is particularly vigorous at present, with a number of national operators moving in.
Needless to say, this cultural and economic resilience makes Harrogate a popular option for property investors and there is always an appetite in the market for new investment opportunities.
Simon Mydlowski, partner at law firm Gordons, who acted on behalf of both purchasers, said:
We are very happy to have been able to advise Marrtree and Andrew Hillas Properties on these successful acquisitions. Both businesses have a strong reputation as leading property developers and it was a pleasure to work with them to secure these deals.
Andrew Hillas Properties was represented by Bielby Associates and WSB Property Consultants represented Marrtree.