6 ST JOHNS STREET, ASHBOURNE, DERBYSHIRE, DE6 1GP

Investment News

FHP is pleased to announce the completion of the acquisition of the Barclay’s Bank premises at the above location.

Acting on behalf of a Private Pension Fund/Investor, FHP was able to negotiate a very satisfactory transaction following aborted negotiations with another party.

The property occupies an excellent location in the heart of Ashbourne which in more recent years has become a substantial tourist and antique centre.  Currently a considerable number of properties around the Market Place are occupied by various high class fashion users.

The property is let in its entirety to Barclay’s Bank for a term of 20 years from June 2007, expiring in 2027 and is subject to review in 2016, with a tenants break option in 2022.  The rent passing was £20,000 per annum, with an estimated rental value of £23,000 per annum.

The price agreed for the purchase was £325,000, which shows an initial yield of 5.82% and a reversionary yield of 6.7% net of costs. 

Noel Roper of FHP who negotiated the transaction commented:-

“We were particularly attracted to this property because Ashbourne is a well-established antique and fashion centre on the edge of the Derbyshire Dales.  Furthermore we were very confident that in the event of the bank either exercising their break clause in 2022 or not renewing their lease in 2027 that we would be able to re-let this property to a fashion user.  Recently the adjacent property known as, The Green Man Public House, at 8 – 10 St Johns Street, has been acquired by an owner occupier and is currently let as a high class ladies fashion retailer, Young Ideas.”

FHP represented the Private Pension Fund throughout.

For further information please contact Noel Roper – 0115 841113 / noel@fhp.co.uk