FHP Sell Prominent Retail Building in Market Place, Newark

Retail News

FHP have just sold 5 Market Place and 14 Chain Lane, Newark on behalf of H&P Limited to Broughton Land & Property Limited.

The ground floor is let to Cardworld (Midlands) Ltd for 10 years from 24^th June 2008 at £20,000 pax and 14 Chain Lane to Mr W. H. Todd for 10 years from 1^st October 2009 subject to a tenant’s break after 5 years at £2,750 pax.  Both leases are on internal repairing terms.

The upper floors were previously let to Agricultural Travel Bureau Limited now in Administration and comprises approximately 1483 sq ft on two floors previously let at £8,500 pax.

The prominent property is of brick and slate being within a conservation area overlooking the historic Market Place at Newark.

The agreed sale at £345,000 roughly reflects a yield of 8.2% based on full repairing terms although the upper floors are now vacant.

For any further information relating to this or general advice on investments, please contact Stephen Gillott at FHP on: 0115 841 1133.

END

STEPHEN GILLOTT FRICS

Date:       03 March 2011

Tel:           0115 841 1133

Email:       steve@fhp.co.uk