Flude Property Consultants (FPC) was instructed to market the long leasehold and quickly received a number of offers. It has now completed the sale to a property investment company.
The building occupies a prominent corner position with accommodation arranged over two floors. It currently operates as a Chinese supermarket and Yun Feng Foods’ lease is unaffected by the sale.
Will Thomas, FPC director, said: “This is a prime example of local investors’ appetite to acquire out-of-town investment opportunities, which has notably improved since the emergence of Covid.
“Investor confidence has increased in tandem with the number of enquiries by potential tenants for such spaces. Many of these local parades currently have low vacancy rates and have been enjoying increased levels of footfall, which is perhaps in part to people shopping more locally and working from home more than ever before.”
It was noted that overall high street bricks and mortar retail footprint was decreasing but market conditions for the sale of commercial property investments was generally good.
FPC said the sale of 18 Southwick Square was evidence that there remained a place for bricks and mortar retail for some time yet.