Scotsgate House in Berwick, which was on the market at an asking price of offers over £1.1 million, has been sold.
Naylors Chartered Surveyors have sold the property on Marygate, showing a return of 8.2% on behalf of Moorgarth Property Investments Limited.
Over 80% of the property’s income is secured to Iceland until 2028 with the remainder of the retail space being let to Ladbrokes, also on a lease until 2028.
Fergus Laird, head of investment at Naylors said: “This property offered a rare opportunity to acquire larger footplate retail premises, which are in short supply in the heart of the town centre. The building is let to two undoubted tenants on relatively long leases in this busy town.”
The property, which was acquired by a private investor, is located close to Scotsgate Arch. It comprises over 7,700sqft of ground floor retail space with the upper floor residential premises sold off independently. The purchaser was represented by Dixon & Co.