Chester’s Hobbs building sells for £1.75m
Real estate fund Lothbury Property Trust, managed by London-based Lothbury Investment Management, has sold the grade two-listed, mixed-use building on Eastgate Street to a group of local investors.
The four-storey building, located within Chester’s historic Grosvenor Precinct, generates £211,620 a year in rent.
It features two retail units totalling 3,000 sq ft on the ground and first floor, occupied by clothes retailer Hobbs.
The second and third floors feature a pair of two-bedroom flats and two one-bedroom flats.
Ed Hockley, director at Lothbury Investment Management, said: “The sale of this property, which is located in a desirable high street retail investment location, provides us with a good opportunity to rebalance the portfolio.”
Lothbury was advised by agency King Street Commercial. The purchasers were advised by consultancy Mason Owen.
Lothbury Property Trust, Lothbury’s flagship fund, holds £1.64bn assets under management.