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A multi-let commericial premises in St Leonards has sold at auction.

VIP House on Venture Industrial Park in Menzies Road was sold for its guide price of £750,000.

The 34,444 sq ft premises, over five storeys, comprises offices, workshops and studio spaces and is currently let at £100,488.78 per annum.

Sam Kinloch, director and senior auctioneer valuer at Clive Emson Auctioneers, said: “Based on the purchase price, and rental income, the gross rental yield for the property is a high-yielding 13.40 per cent. There was keen interest in the building.

VIP House on Venture Industrial Park in Menzies Road, St Leonards was sold for its guide price of £750,000. SUS-220604-114659001

“Property continues to prove attractive for investors because of long-term capital gains, rental income and as a hedge against the rising costs of living caused by inflation.”

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This is how much St Leonards office building sold for at auction