Competition in Kemptown

Graves Jenkins have sold the freehold interest in a vacant commercial unit with a self- contained one bedroom flat over in Church Place, Kemptown after competitive bidding.

Instructions were confirmed in October 2023 to offer the freehold interest with the benefit of an income of £1,000 per calendar month on the residential upper parts and a vacant ex- artist retail unit on the ground floor.

At the time, with interest rates spiralling and uncertainty in the general market, there was some hesitation as to what to expect – but why have doubts?

Inviting offers on £370,000, the opportunity attracted plenty of interest and after a short period of negotiation, terms were agreed, and solicitors instructed.

“Having two respected local based solicitors in the form of Rohan & Co and ODT solicitors on the deal helped the process with a rapid exchange and completion. It also underlined the importance in a challenging market of market knowledge and assessing the value at the right level to get buyer engagement. I’m proud to say, it’s what we do well,” commented Phil Graves who handled the sale.

The vendors, a Family Trust, were also pleased with the sale. “We have used Graves Jenkins for many years now and the consistency of their professional advice and market knowledge is unrivalled.”

The new owner is Catering Projects Ltd, who have acquired the site as a base for their new online retail site selling commercial catering equipment.