A property investment company has paid £2.75m to buy up another part of the Eastgate Street Rows.
Custodian REIT Plc has shelled out the cool sum for the building occupied by Ernest Jones and Lakeland.
Chester’s historic Rows date back to the 19th century and are the oldest shopping facade in England.
This four-storey property is grade II listed.
Custodian already own two properties next door on Eastgate Street and one on Watergate Street.
Managing director Richard Shepherd-Cross said: “We are delighted to have acquired this prominent unit within Chester’s prime retail pitch.
“Chester is a leading destination for retail in the region due to a thriving tourism industry and excellent transport links.
“The unit adjoins two properties held by Custodian REIT, providing a ‘marriage value’ which we expect to result in an overall valuation increase for the combined lot.”
Property consultants Lambert Smith Hampton were called in to survey the Victorian building before its purchase.
According to them the historic Rows bring with them certain ‘risks’.
LSH director of building consultancy Chris Lowther said: “The Chester Rows retail units attract a high footfall and are subsequently very desirable as investment properties.
“However, given their age, design and listing status, it is critical an investor has a clear understanding of the operational implications and leasing structure to ensure the statutory, title and financial risks are adequately reflected within the investment strategy."
What do you think of this story? Let us know in the comments below.
