RENTAL GROWTH ACHIEVED IN MATLOCK ON RENT REVIEW
Acting on behalf of a private investor landlord, FHP Property Consultants have secured a 14% increase in the rental of 2 Firs Parade, Matlock at the rent review effective from August 2018.
The premises are let to the Co-op on a 10 year lease from August 2013 subject to an upwards only rent review and tenant only break option at the end of the fifth year. The rent was agreed at £45,000 per annum with the previous rent of £39,500 per annum being set on lease renewal in 2013.
Mark Bradley of FHP Property Consultants who acted for the landlord, commented:-
“Matlock remains a strong town with good levels of demand for retail units if they become available. The retail pitch is relatively condensed with properties rarely coming to the market. The limited supply relative to the levels of demand and requirements for the town has resulted in rental growth occurring within the prime pitch.”
If your property is subject to a forthcoming rent review or lease renewal and you would like further advice, please contact Mark Bradley on 0115 9507577 or mobile 07887 787884.