Banking on a Good Deal
Friday, August 31, 2018 By Phil Graves
Graves Jenkins have acquired a Bank investment in central Brighton for retained clients.
Moreton Investments have purchased the impressive Grade II listed, four storey building for a price in excess of £1 million, with the property producing a rental income of £53,250 per annum.
Michael Blencowe of Moretons stated, ‘We are constantly on the look out for well located commercial investments and are very pleased to have acquired this building which suits our investment criteria very well. We work closely with Graves Jenkins for acquisition, letting and valuation work as they have an extensive in depth knowledge of the market.”
The building was originally thought to have been built in 1933 for the Citizens Regency Building Society, but now leased to the Allied Irish Bank since the 1980’s. Designed by John Leopold Denman, renowned for his mid century neo-Georgian concepts, features a series of carved reliefs depicting workers in the building trade, including the designer himself.
Phil Graves added, “It is a very well known landmark building in central Brighton and one which would sit well in any investors portfolio. The existing covenant is undoubted, but the building also has potential for alternative uses in the years to come.”