FHP BANK ON BEESTON

Investment News

FHP acting on behalf of Robec Properties LLP have acquired a retail investment let to HSBC on The Square in Beeston.

The property, which provides a ground floor of 2,600 sq ft and totals 8,500 sq ft is let at a rent of £90,000 per annum until 2021 to HSBC.

The tenant has the benefit of a break clause in August 2016 with the price paid reflecting an initial yield of 10%

David Hargreaves, who acted on behalf of the purchasers, said:

“The property is situated in an excellent location in a town that is going through a substantial transformation through the refurbishment of The Square and the development of the new Tram line which runs close to the subject site and which should go live in 2015.  We do not expect HSBC to exercise their break clause in 2 years time, but if they do this property is readily relettable.  At £850,000 – 10% this is a fantastic buy.”

FHP introduced the opportunity and negotiated the acquisition with Allsop who acted on behalf of the Vendor.