FHP ACQUIRE LLOYDS TSB BANK, LOW PAVEMENT, NOTTINGHAM

Retail News

FHP have completed the high profile purchase of the flagship Lloyds Bank on Low Pavement, Nottingham.  The property has been purchased for the pension fund of the Wetherby based property company, Oakgate Group Plc for £3.1m.

Ben Tebbutt, Partner at FHP commented:-

“The property is let to Lloyds Bank with 11 years remaining on the lease.  The property benefits from secure income from Lloyds who are currently paying £170,000 per annum with a lease expiry in June 2021.

The location will only get better with both Jamie’s Italian and Carluccio’s due to open after Christmas together with Westfield’s proposed redevelopment of the Drury Walk Broadmarsh entrance.”

John Grantham, CEO of Oakgate Group Plc, commented:-

“We are delighted to again invest in Nottingham and further develop our relationship with FHP.  They sold the HSBC investment on Clumber Street for us last year for just under £11m and they are our retained agents in respect of the St Marks Shopping Centre in Newark.”

Ben Tebbutt added:-

“Through our detailed knowledge of this property and the retail market, we were able to provide a full appraisal for our clients who realised the potential in this greatly improving and fashionable location.  Exchange of contracts took place within one week and 5 days of the client’s inspection.  They then purchased the adjoining property on Low Pavement which will be marketed by us in the very near future and adds significant value to their holding.”