Retail News
Acting on behalf of a private investor client, FHP Property Consultants have secured a letting of 22-26 St Peters Street, Derby to Barclays Bank for a new flagship city centre branch.
The terms of the letting remain confidential but the premises in total contain approximately 9,000ft² over three floors and have been let on a 15 year fully repairing and insuring lease.
The transaction proved to be extremely lengthy and complex as it also involved negotiations to acquire vacant possession from Ilkeston Co-op Travel of number 26 in order to provide a sufficiently large ground floor area to accommodate the bank’s requirement.
The travel agent relocated into the Westfield Centre enabling their former unit and number 24-26 to be amalgamated to create approximately 4,000ft² on the ground floor.
Mark Bradley of FHP commented:-
“We are delighted to have been instrumental in securing this key letting in Derby city centre on behalf of our private investor client.
Marketing commenced back in 2009 when the former tenant at number 24-26 went into administration leaving our client with a vacant unit, and in order to satisfy Barclays space requirement, it was essential to combine the vacant shop with number 26. This opportunity presented itself as the lease to Ilkeston Co-op Travel was due to expire in late 2010 and vacant possession was subsequently obtained on redevelopment grounds having already secured the necessary A2 planning consent on the entire property.
The building works to amalgamate the units have been completed and the property has been handed over to Barclays who are currently fitting out and the new branch is due to open later in the year.”
FHP acted jointly with Colliers CRE in representing the private landlord and Knight Frank acted for Barclays.