The Beeches, 42-68 Market Place, Long Eaton, Nottingham, NG10 1LT

Retail News

 

This property comprises an excellent well-let freehold retail investment consisting of 7 individual shop units and anchored by a store of some 17,300 sq ft occupied by Wilkinsons Hardware Stores on a lease expiring in 2022 without breaks.

 

All the remaining shops are let to a variety of trades at rents between £14,000 and £20,500 per annum equating to Zone A of approximately £25. No. 42 Market Place was vacant at the time of the sale. FHP have now been instructed by the owners to effect a letting of the property at a rent of £15,000 per annum.

 

At the time of the completion of the sale the income was £209,725 with a potential reversionary income of £223,725.

 

Noel Roper and Mark Bradley of FHP acting on behalf of Stockland commented:-

 

“We were delighted to receive instructions to market this well let secondary retail investment occupying a good location at the western end of the shopping centre in Long Eaton close to the Tesco Superstore and Asda store. There was strong competition for this property resulting in a sale at an agreed price of £1,955,000. At that level it showed the purchasers an initial yield of 10.13% and when the vacant unit was re-let, 10.81% after costs.

 

London and Cambridge Properties Ltd were represented throughout by James Buchanan Associates & Company Ltd, 11 Welbeck Street, London, W1.

 

Noel Roper

Date: 28 July 2011

 

Tel: 0115 841 1132

Email: noel@fhp.co.uk