October 13, 2011

FHP acquire former pub on Friar Gate, Derby

FHP acting on behalf of private investor clients have purchased the freehold of 21-23 Friar Gate, Derby from the Administrators of Barracuda Propco 2 Ltd at a price of £420,000.

The pub, which previously traded as Varsity and then Almanac, has been bought to be refurbished and subsequently re-let.

FHP introduced the opportunity and negotiated the acquisition, with Gateley LLP acting legally on behalf of the purchasers.

The Vendors were represented by CBRE’s Leeds office.

Ben Tebbutt said that “Friar Gate is a strong restaurant pitch, with the likes of Pitcher & Piano, Bistrot Pierre and Zizzi and as a result we have had strong interest from national restaurant operators in taking this unit.  We hope to make an announcement with regard to the letting in the not too distant future.”

The intention is then to develop the first and second floors for residential purposes, in line with the Derby City Council policy of encouraging “City Living” in Derby.