A commercial building in Plymouth city centre which houses the Grosvenor Casino and Walkabout bar has sold for £4.65m.
Asset management firm Addington Capital said an unnamed private investor had purchased Drake House at Derry’s Cross for the asking price, reflecting a net initial yield of 9.36% and a capital rate of £137 psf.
The three-storey, 33,887 sq ft leisure facility also counts pub chain Marston’s among its tenants, who provide a total passing rent of £463,905 a year.
