Investment News

Acting on behalf of a private pension fund, FHP are pleased to announce completion of the sale of 1 South Parade, Melton Mowbray.

This was a Period Building acquired by the client over 10 years ago and is let in its entirety to Shoe Zone.

The lease had been renewed from November 2017 on a rebased rent of £34,750 per annum, equating to £40.85 Zone A.

After a limited marketing campaign terms were agreed for the sale of the property to a syndicate operated by Ratcliffe’s of South Audley Street, London, W1.

The price agreed was £505,000 to show an initial yield of 6.55%.

Noel Roper of FHP Property Consultants comments;

“We were delighted to act on behalf of the owners of this property for whom we have acted for over 10 years in effecting a confidential disposal of this freehold retail investment. The property was only offered to 6 parties and after a competitive bidding situation we were able to achieve what we consider to be an extremely satisfactory purchase price for a 5 year lease, at a yield of 6.55%”.

The purchasers, who are syndicate operated by Ratcliffe’s, were represented by David Bull of Brook Street, London, W1.

END

Noel Roper

Tel: 0115 9507577

Email: noel@fhp.co.uk

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