56-58 Cornhill, Bury St Edmunds

100% Prime High Street Retail Investment

Disposal of the long leasehold interest of 56-58 Cornhill, Bury St Edmunds for PM Mercury Holdings, a Joint Venture between Funds managed by the team at Clearbell Capital (Clearbell) and pan-European institutional investor Patron Capital (Patron).
The 10,184 sq ft retail property occupies a prime island site in the town centre and is let on a variety of leases to Halifax, Laura Ashley and Harriet’s Tea Room.
Price achieved of £3,500,000 and the purchase reflects a net initial yield of 7.00%. Competitive bidding was generated and asking price was achieved.

Project details

Originally a Library, the property was built in the 18th century in neo classical design. It features an elaborate entrance with four Doric columns. The windows are separated by brick pilasters, and the property also features an arched porch entrance at one end.

Internally, the Halifax unit is fitted out in corporate style with a ground floor banking hall, first floor offices and a mezzanine. Harriet’s is fitted out as a grand café trading on the ground floor with customer toilets and staff accommodation on the first floor. The Laura Ashley unit is fitted out in current corporate style and trades homewares from the first floor level and fashion on the ground floor.
Clearbell is a private real estate fund management and advisory business specialising in UK property investment, development and asset management.

Patron Capital Advisers LLP (Patron) acts as the investment advisor to the Patron Capital funds (Funds) and other significant sources of capital for investment opportunities throughout Europe.
Please contact Harry Wills or Jack Barratt.