Mark Tomlinson of FHP Property Consultants has recently concluded the sale of a fully let office building in Nottingham City Centre on the Castle Quay office development.

The property was let to Heart Internet Limited and generated good levels of interest at the outset of marketing and a sale was achieved quickly following a competitive bidding process.

Mark Tomlinson of FHP Property Consultants who concluded the sale on behalf of vendors, Regentsmead, commented:

“We are seeing good levels of interest in the East Midlands market across a range of lot sizes and sectors for well let investments such as this.  We are seeing especially good levels of interest in the sub £500,000 bracket where there are a number of active cash buyers for whom the entry costs of purchasing commercial property is now significantly lower than an equivalent residential investment”.

There remains relatively few investment opportunities coming to the market so we do see competitive bidding for those rare opportunities which do come up.

Acting on behalf of Nottingham Community Housing Association, FHP are pleased to announce the completion of the sale of Rowlinson Court, Heathly Park Drive, Groby, Leicester.

This was a former hospital constructed over 100 years ago and subsequently acquired by the vendors approximately 15 years ago.  The Housing Association then entered into a scheme of reconstruction to provide 12 flats, together with a local office for their operations in Leicester.

The sale came about as a result of the property being surplus to their requirements and a change of direction by NCHA.

At the time of the sale, the property produced an income of £73,620 per annum and a projected gross income of £86,820 per annum.  The property was sold subject to the existing occupational leases and with vacant possession of the office element, which was capable of being converted into two, 2 bedroom flats.

After an extensive marketing period a sale price of £1,100,000 was agreed, which equates to approximately £130 per ft² and a yield of 6.32%.

Based upon the increased income and without allowance for further expenditure, the gross yield will be 6.69%.

Noel Roper of FHP Property Consultants commented:-

“We were delighted to be instructed by Nottingham Community Housing Association to sell this excellent residential investment.  The conversion works were carried out 15 years ago and as a general comment some of the flats were larger than the average size and therefore from the purchaser’s point of view there was considerable scope for enhancement of the building in terms of refurbishment and upgrading and therefore in the long term increasing the rents.”

The purchaser, Kentford Developments, are based in Bury St Edmunds and acquired this property for a long term development.  In due course it is intended to upgrade and refurbish the property.  They were represented in their negotiations by Ed Bidwell.

For more information please contact Noel Roper at FHP Property Consultants on 0115 950 7577.

END

Mark Tomlinson of FHP Property Consultants is delighted to announce the sale of a small office investment at King Edward Court in the heart of Nottingham City Centre.  The property was let to Uber and achieved competitive bidding given the perceived security of the income and this development as a long term office location.

Mark Tomlinson of FHP Property Consultants commented:

“We received very strong levels of interest for this building with competitive bids taking place within 4 weeks of marketing.  We achieved well over the asking price at an investment yield of 6.5% showing strong demand in the sub £500,000 local investment sector.

From the changes to the entry cost of purchasing residential investments due to the stamp duty changes and the increasing scarcity of office properties in Nottingham City Centre due to conversions of many office buildings to apartments, we are now seeing increasing demand from local investors and those investors”.

Giles Davis of Geo Hallam & Sons, who acted on behalf of the purchaser, commented:

“The building fitted our client’s requirement in terms of location and lot size and we are delighted to have secured the property for them”.

Mark Tomlinson of FHP Property Consultants is delighted to announce the sale of Unit 7 Boundary Court. A self-contained two storey office building on the Willow Farm Business Park, just off Junction 24 of the M1 Motorway.

The property has been purchased by investors who are now seeking tenants for this high quality fully refurbished office building with excellent levels of onsite car parking.

For further information on the offices available here, please contact Mark Tomlinson of FHP Property Consultants on 07917 576 254 or mark@fhp.co.uk.

On behalf of Private Clients, FHP Property Consultants are pleased to bring to the market Florence House, which is ideally situated on Kedleston Road to the north west of Derby City Centre.  The City Centre and University of Derby are both within a 15 minute walk.

The property was built in 1793 and provides a mixture of cellular residential accommodation including eleven lettable bedrooms set over three floors.  To the rear of the site are two mews cottages.

The freehold is available to purchase at a guide price of £649,000.  The property is 85% let on AST agreements.

Darran Severn from FHP Property Consultants commented:-

“This is an excellent opportunity to acquire a substantial property in a desirable location.  There are several angles to add value and I look forward to discussing these option with and investors or developers”.

For further information or to arrange a viewing, please contact Darran Severn on 01332 343 222 or darran@fhp.co.uk.

FHP Property Consultants are pleased to announce the completion of the sale of a purpose built block of flats known as Newstead Court, erected by a local builder some 50 years ago in the 1960’s.

The property had been owned for 47 years by a well known Nottingham former lace manufacturing family company, Harry Johnson (Nottingham) Ltd, and for various reasons they decided to realise their capital.

The property comprises a purpose built building consisting of 10, two bedroom apartments, 7 one bedroom apartments, together with car parking for 14 vehicles on the lower ground floor garage area.

The apartments are let at rents which average between £375 to £450 pcm, producing a current gross income of £83,364 per annum.

Certain external repairs were required to the property which were taken into account in the purchase price which was agreed at £1,005,000, the property being originally marketed at £1,050,000.  This showed the purchase a yield of 8.29% gross before allowance of purchasing costs.

Noel Roper of FHP Property Consultants advised the Vendors throughout and comments;-

“This particular property was particularly well located in the Woodthorpe area of Nottingham, approximately 2 – 3 months north-east of Nottingham City Centre.”

“For various reasons this was a slightly challenging property to dispose of and therefore there was an extensive marketing period.  However, once the ultimate purchaser was found, matters progressed fairly smoothly.  Over that time there was a considerable amount of interest from a number of private individuals and family property companies. Newstead Court, Somersby Road / Revesby Road, Woodthorpe, Nottingham, NG5 4NF”

“We were delighted to agree terms with Let’s Move (Nottingham) Ltd who are a private family owned company advised by Savills.”

For more information please contact Noel Roper at FHP Property Consultants on 0115 950 7577.

END

FHP Property Consultants are pleased to announce the completion of two retail investment sales along the street of Sadler Gate, Derby.

Earlier this year 34/35 Sadler Gate, home to the Brooklyn Social was sold within weeks of being on the market.  The property was purchased by a local investor for a figure of £295,000.  This reflects a yield of 7.8% after purchaser’s costs.

More recently, 36 Sadler Gate was sold for a similar value reflecting a yield of 9.75% after purchasers costs.

Darran Severn of FHP Property Consultants comments:

“I was pleased to have been instructed to sell both these properties having only recently secured both tenants.  There is currently good demand from local and regional investors for this type of retail investment and this enabled us to complete both sales relatively quickly.”

For further information on the sale, please contact Darran Severn on 01332 343 222 or email darran@fhp.co.uk.

FHP Property Consultants have recently concluded the investment sale of Litchurch Plaza, Derby to local investors Staton Young Group.

Litchurch Plaza, located off Litchurch Lane consists of a five storey multi-occupancy office building which extends to approximately 22,137ft².  The property was 70% let on completion, producing an annual net income of circa £140,000 per annum.

Darran Severn of FHP Property Consultants comments:

“I am delighted to have been able to complete the sale of this property.  We received a good level of interest from local and regional investors, which enabled us to secure an excellent result for our client.  Here at FHP, we have a strong database of active investors, and I would be more than happy to discuss any opportunities with local landlords.”

Marc Brough Director of Staton Young Group comments:

“I am extremely pleased with the acquisition of Litchurch Plaza and am very much looking forward to meeting our new tenants.  Litchurch Plaza is the third serviced office building we have purchased during the last 3 years bringing our total number of tenanted offices to around 130.  We hope to expand our portfolio further in the not too distant future and are currently looking at other buildings in the Nottingham and Leicester area.”

For further information on the sale, please contact Darran Severn on 01332 343 222 or email darran@fhp.co.uk.

Acting on behalf of a local private property company, FHP Property Consultants are pleased to announce the completion of the sale of the above property situated in Newark.

This property comprises a former ”Burton Tailoring Store” constructed in 1930’s and subsequently now occupied by Ladbrokes and a local employment agency, both of which have been in occupation for many years.  The property is let on two leases on full repairing and insuring terms, expiring in 2026 and currently producing an income of £34,100 per annum.

The property occupies an excellent location on the northern side of the Market Place.  Newark benefits from a popular market three days a week.

After a relatively short marketing period, terms were agreed for the sale of this property to a local investor at a figure of £455,000, which equates to an initial yield of 7.15% and a true equivalent yield after costs of 7.4%.

Noel Roper Director of FHP commented:-

“I was particularly pleased to be instructed and be able to sell this property again, having sold it many years ago to one of the Predecessor’s in Title for £30,000.  In my opinion this just goes to show the merits of commercial property as a long term investment.

The purchasers, R S Farms, were represented by James Fairman of Poytons Consultancy, Boston.

For further information please contact Noel Roper on 0115 841 1132 / noel@fhp.co.uk

Acting on behalf of retained clients, Steeple Court Ilkeston Limited, FHP are pleased to announce completion of the sale of the above out of town retail development.

This development was undertaken approximately 10/12 years ago by Steeple Court who are a Norwich based development company of a former petrol filling station.  The development comprises three out of town retail units varying in size from 1,131 sq ft up to 2,900 sq ft.  The property was well let to GB Willbond Limited, a well-known builders merchants, County Batteries and a Pizza Hut franchisee.  The total income receivable from the tenants totalled £53,000 per annum with the majority of that secured on the covenant of GB Willbond Limited.  The premises were held on full repairing and insuring leases with relatively short unexpired periods.

Offers were invited at a figure over £545,000 to show an initial yield of 9.08%.

After a relatively short period of marketing, terms were agreed with a private pension fund based in Sheffield at a figure slightly in excess of the asking price.

Noel Roper, Director at FHP commented:

“We were delighted to be instructed by Steeple Court to effect a sale of this property which then became surplus to their investment requirements.  The property was marketed for a relatively short period of time before terms were agreed with a pension fund based in Chesterfield who were represented by Mike Hull of SMC Chartered Surveyors of Sheffield.”

For further information please contact Noel Roper on 07711 211 511 or noel@fhp.co.uk.

Acting on behalf of their retained clients, Blueprint (General Partner) Ltd, FHP Property Consultants are pleased to announce the completion of the sale of Old Blacksmith’s Yard, 17 – 20 Sadler Gate, Derby.

Occupying a site of approximately 1/3 of an acre and containing a private courtyard, Blacksmith Yard and 17 – 20 Sadler Gate comprise a significant proportion of Cathedral Quarter, Derby’s premier shopping and leisure destination.

The property comprises a collection of 9 shops, restaurants and offices with a major tenant of London Exchange who have been in occupation since 1950 and have now grown to a chain of 28 units.  Other tenants include a number of eateries and Derby’s first Gourmet Burger Bar.

Some of the property was vacant at the time of the sale and produced an income of £68,000 per annum, with an estimated rental value when fully let and income producing of £125,000 per annum.

The property was purchased by an overseas investor for a figure of £831,000.  This shows an initial yield of 7.75% and a reversionary yield of 14.25%.

Noel Roper of FHP Property Consultants commented:-

“We were delighted to complete the sale of Old Blacksmith’s Yard, 17 – 20 Sadler Gate, Derby.  Over the last three years we have sold a substantial amount of investment property on behalf of Blueprint (General Partner) Ltd.”

“The Portfolio comprises a mixture of commercial/retail properties, together with a number of mixed industrial estates varying in size from £250,000 up to £3,000,000 located throughout the East Midlands.”

“It was particularly pleasing to be able to complete this sale in somewhat difficult circumstances bearing in mind some of the properties were vacant and it was during the run up to the referendum.”

Innes England acted in conjunction with FHP in connection with this transaction.

For further information regarding this sale please contact Noel Roper on 0115 841 1132 or email noel@fhp.co.uk 

Acting on behalf of a Private Family Trust, FHP are pleased to announce the completion of the sales of two excellent freehold investments located in High Road, Beeston and Central Pavement, Chesterfield.

The Chesterfield property was let to TCCT Retail t/a The Cooperative Travel Company who have been in occupation for in excess of 10 years.  A rebased rent of £39,500 per annum (£57.20 Zone A) was agreed some time ago.  The transaction was agreed to a Derbyshire based investor at a figure of £470,000 to show an initial yield of 8%.

In Beeston, the property occupied an undoubted trading position on the High Road and was let to Sue Ryder Care on a lease expiring in 2021.  This property was sold to a Leicester based private investor for a figure of £625,000 to show a yield of 7%.

Noel Roper of FHP Property Consultants, who acted on of the family, commented:-

“We were delighted to be able to sell these investments at relatively strong figures where the unexpired lease terms were three years in respect of Chesterfield and five years in respect of Beeston”. 

“The retail investment market is still very strong, even for retail premises with unexpired lease terms of five years, which is now becoming the ‘norm’.  It is the intention of the family to re-invest these funds in other property investments”.

END

Acting on behalf of a long established Derbyshire Investment Company, FHP are pleased to announce the completion of the sale of 9 High Street, Chesterfield.

This property is located in a prime location on the High Street close to Marks and Spencer’s and has been recently let to WH Smith High Street Ltd t/a Card Market.

The rent passing was £50,000 per annum, equating to £57.78 Zone A.  The property was let on a new 5 year lease from November 2015.

A price of £670,000 was agreed to show a yield of 7%.

FHP advised in the successful re-letting of this property following the refurbishment and then were instructed to effect a sale of the property.  Terms were agreed after a relatively short period to a Nottingham based private investor.

Noel Roper comments:-

“We have sold a number of investments in Chesterfield in recent years.  It is a strong market town located south of Sheffield where the retail offering is extremely sound and consequently there are very few vacant shops, which encouraged investors to come forward and agree terms fairly quickly.”

END

FHP Property Consultants acting jointly with LSH, are pleased to announce the marketing of the freehold office investment at Cartwright House on Riverside Business Park.  The property is fully let at an annual rent of £122,495 per annum and is available at a quoting price of £1.5 million which reflects a net initial yield of 7.7% after purchaser’s costs.

Mark Tomlinson, Associate Director at FHP Property Consultants, who is marketing the property, commented:

“This property offers an excellent quality office premises within an established location amongst occupiers such as Experian, Allianz Insurance and the Ministry of Justice.  The property is fully let with Atos Medical having recently taken a new lease on the first floor and Crawford & Co, a long established tenant on the ground floor.

I feel that this property offers a good investment with potential for rental growth and we expect to bring forwards good levels of interest for the property.”

For further information on this property please contact Mark Tomlinson on 0115 841 1134 or mark@fhp.co.uk.  Alternatively, you can contact the joint agent, Ankur Chadha at LSH on 0121 237 2367.

Acting on behalf of The Dominus Property Company Limited and Commercial Estates Group, FHP have confirmed the sale of Jupiter Court, Meridian Business Park, Leicester.

The two storey 10,000ft² self contained 2004 built office building is let to Airbus Defence and Space Limited who occupy the ground floor, and Mazars LLP Accountants who occupy the first floor and was offered at an asking price of £1,250,000 reflecting a yield of 8.5%.

Competitive bidding saw the property realise a price well over the asking price, the sale at £1,450,000 reflected a net initial yield of 7.43% on the income of £114,021 per annum.

John Proctor at FHP confirmed:-

“The sale at Jupiter demonstrates the strength of demand which still exists within the private markets with Investors striving to find a home which provides a reasonable rate of return for their cash resources”.

For further information please contact John Proctor on 0115 950 7577.

27^th May 2016

FHP have been instructed by Private Clients to market Sherwood Court, Sherwood Park, a 2004 built self contained office building of 20,000ft² let until 2023 at a rental of £249,300 per annum (£12 per ft²) to Countrywide Estate Agents Group.

The property is being marketed at a price of £2,142,000 reflecting a net initial yield of 11%.

For further information please download the property details at www.fhp.co.uk or contact John Proctor on 0115 950 7577.

17^th February 2016

FHP have been instructed to market Jupiter Court on Meridian Business Park, a 2000s built two storey 10,070ft² office building with good car parking, located within Leicester’s prime out of town office location adjacent to Junction 21 of the M1.

The building is let to Airbus Defence and Space Limited who occupy the ground floor, and Mazars LLP Accountants who occupy the first floor, producing £114,021 per annum.

The purchase price of £1,250,000 reflects a net initial yield of 8.5% and a realistic capital value of £125 per ft².

For further information please download the property details at www.fhp.co.uk or contact John Proctor on 0115 950 7577.

17^th February 2016

FHP have been instructed to sell George William Price Limited, a well established, debt free, East Midlands based Property Investment Company.

The company owns eight properties including two trophy buildings within The Lace Market, producing approximately £650,000 per annum with the portfolio offering prospects for asset management and rental growth.

The property assets are valued at circa £8 million, reflecting a net initial yield of 8%.

Full details of the property company are available by contacting John Proctor at the Nottingham office of FHP on 0115 950 7577.

17^th February 2016

Acting on behalf of their retained client, Blueprint, FHP are pleased to announce completion of the sale of Simpsons House, Derby.

This building comprises a prominent self-contained Grade II Listed Building in a City Centre location with car parking located within the Cathedral Quarter of Derby.

The building was erected over 100 years ago and is suitable for office or residential use, subject to planning. The property is in need of considerable works of renovation.

The accommodation of the building is arranged on basement, ground and two upper floors, together with a loft and totals 7,181ft², together with a rear car park for 11 vehicles. The site area is 0.299 acres.

After a competitive tender, terms were agreed for the sale of this property at a figure of £321,152. The purchase price equates to a figure of £44.72 per ft².

The property was purchased by Capla Developments Ltd who we understand are going to seek planning consent for conversion into residential purposes.

For more information about the site contact: Noel Roper at FHP Property Consultants on 0115 950 7577.

ENDS

FHP have acquired a substantial retail investment on behalf of international investors, Avignon Capital, the former banking hall at 11-15 Pelham Street, Nottingham.

The property is currently let to fashion retailer All Saints and lingerie retailer Bravissimo producing an annual rent of £235,000. The property was purchased for £2,877,000 by Ben Tebbutt of FHP on behalf of his clients Avignon.

Ben Tebbutt, Director at FHP, commented:-

“I believe this is one of Nottingham’s finest buildings and is one that FHP have had a long track record with. I acquired the store for All Saints in 2005 and within 30 seconds of the then MD being in the store, he pronounced ‘This unit is absolutely fantastic, it has all the characteristics that we are trying to create for the All Saints brand and we must have it!’

It is a unit that All Saints are proud of and certainly one of the most striking retail units within the city. It is also one of Nottingham’s most famous buildings, designed by Watson Fothergill and constructed between 1877 and 1882, it was built by Thomas Fish & Sons on behalf of The Nottingham and Nottinghamshire Bank.”

Purchasers, Avignon Capital Limited, are a UK and European Property Investment and Asset Management company, currently managing assets across UK, Denmark, Germany and Poland, including the flagship Louis Vuitton store in Copenhagen, Denmark.

This investment marks their first move to Nottingham, reflecting the increasing development within the city, now being ranked as the 8th most prominent retail destination across the UK, with 600,000 calling it their main shopping location.

Clive Nichol of Avignon Capital commented:-

“We are delighted to acquire this historic building, it fits with our strategy of purchasing high quality assets in strong locations with asset management opportunities.”

The purchase price confirmed at £2,877,000 reflects a net initial yield of 8.00%.

For more information please contact Ben Tebbutt on 0115 841 1142 or email ben@fhp.co.uk.

FHP acting on behalf of Willmott Dixon have sold Units 1, 2 and 3, The Wells Road in St Ann’s, Nottingham.

The 3 retail units form part of a retail and residential development undertaken by Willmott Dixon on behalf of Nottingham City Council.

The site sits opposite the Medical Centre on The Wells Road and comprises 3 retail units at ground floor with customer car parking.

Unit 1 is let at a rent of £30,000 per annum to One Stop Convenience Store which is part of the Tesco Group, who are now open and trading.  Units 2 and 3 are vacant and being marketed by FHP at rents of £10,000 and £10,500 per annum. Both are now “Under Offer” to multiple retailers.

The investment was sold by David Hargreaves of FHP at a price of £490,000, who confirmed that once fully let the development is likely to show the Pension Fund a yield of 9%+.

FHP have been retained to manage the property.

After being the under bidder on several investment properties in the past year, it was refreshing to land this deal. Noel our Man on the ground in that part of the country did a great job with all the due diligence and appraisal, and once he had reported back to us, he encouraged us to view the property. After which we were happy to proceed and negotiate agreeable terms with Charles.  This latest acquisition sits well in our East Midlands portfolio and we have appointed FHP as managing agents to look after this along with the others that they manage for our company.

FHP has been our long standing retained agents in that part of the country for over 25 years, and we look forward to many more investment transactions and working with Noel and his team.

Noel did a great job for me. I will always recommend you.

FHP Property Consultants, acting on behalf of a Private Investor, is pleased to announce completion of the sale of a substantial office building at Keys Road, Alfreton.

The property, which was constructed a number of years ago, has accommodation on ground and one upper floor totalling 10,700ft², with the benefit of 75 car spaces. The property was sold for a figure of £655,000 to show an initial yield of 10.85% after normal costs.

As a result of active asset management on behalf of the current owners, FHP was able to renegotiate the terms of the lease to remove the break clause so that the property was let on an unbroken lease until October 2020. In return the rent was re-geared from a figure of £90,270 per annum (£8.34 per ft²) down to £75,225 per annum (£7.13 per ft²).

Alastair Fearn dealt with the re-gearing of the lease and Noel Roper dealt with the sale process.

Noel Roper of FHP commented:-

“We are extremely pleased to be able to complete the sale of this property once terms were agreed in a relatively short period of time. The property was sold to a local private Investor represented by Graham Jones of Kingston CPC.”

Graham Jones of Kingston CPC commented:-

“Our client is actively seeking high yielding commercial property investments throughout the Midlands and this property met their requirements due to its excellent location, strong covenant and high level of car parking”

For more information about the site, contact: Noel Roper at FHP Property Consultants on 0115 950 7577.

ENDS

In 2001 we sold our window blind business and entered the field of property investment as raw beginners. Following a “beauty parade” we asked Noel to act for us, to guide us through the investment minefield.  Working with Noel in both property investment and funding property development, we have built a £30m investment portfolio. This well constructed portfolio has remained robust during the downturn and occupancy levels have remained strong. If you are looking for a trusted advisor who knows what he is doing – Noel is your man!

Acting on behalf of our client, Wilfrid Whittington Limited, FHP is pleased to announce the sale of Units 4 and 5 Wilford Grove, which are the last two remaining units in this development.

The properties were constructed 36 – 48 months ago and let at rentals of £575 pcm and £595 pcm, with an Estimated Rental Value of £600 – £625 pcm.

Each property comprises a ground floor living area, with separate WC and a fully fitted kitchen to the rear. At first floor level there are two bedrooms and a separate bathroom. The second floor consists of a bedroom with en-suite. Each house has the benefit of a dedicated car parking space.

The properties were sold to a private purchaser for a combined value of £217,500, representing an initial yield of 6.45% and a reversionary yield of 6.62% based upon an ERV of £600 pcm.   The property was purchased by a private individual who represented himself.

Noel Roper of FHP who acted on behalf of Wilfrid Whittington throughout commented:-

“These were the last two investments in this development where we were instructed by our clients to effect a sale. Following a relatively short marketing period terms were agreed at a figure of £217,500, which shows a discount to the open market Vacant Possession Value of anything up to 10%”.

“In recent years the popularity of The Meadows has increased and it was therefore no surprise that we were able to agree terms very quickly for the sale of the freehold interest.”

FHP has sold a number of investments in this development on behalf of Wilford Whittingham Ltd with these units being the last two.

For more information about the units, contact: Noel Roper at FHP Property Consultants on 0115 950 7577.

ENDS

Acting on behalf of their retained clients, Lamba Trading Company, FHP is pleased to announce the completion of the purchase of the above property.

The property is well let to Majestic Wine Warehouses Ltd, Farm Foods and Barnardo’s on leases expiring in 2024 and 2029. The total rent payable is £138,000 per annum. There average rent is just under £12 per ft². This property comprises a retail park arranged as three letable units with areas of 3,631ft² to 4,533ft² and totalling 11,963ft².

Michael Lamba commented:-

“After being the under bidder on several investment properties in the past year, it was refreshing to land this deal. Noel our Man on the ground in that part of the country did a great job with all the due diligence and appraisal, and once he had reported back to us, he encouraged us to view the property. After which we were happy to proceed and negotiate agreeable terms with Charles. This latest acquisition sits well in our East Midlands portfolio and we have appointed FHP as managing agents to look after this along with the others that they manage for our company.”

“FHP has been our long standing retained agents in that part of the country for over 25 years, and we look forward to many more investment transactions and working with Noel and his team”.          

Noel Roper, who negotiated the purchase, commented:-

“We were delighted to be able to add this excellent property to Lamba Trading Company’s portfolio in the East Midlands. We were particularly attracted to the fact that there are virtually no vacant out of town retail units in Grantham which has an expanding residential population. In addition the properties were realistically rented with Farm Foods renewing their lease in September 2013 and Barnado’s taking a new lease from January 2014 replacing Blockbuster.”

Charles Trafford, who acted on behalf of the Vendor’s, commented:-

“This marks the end of nearly 3 years of our involvement with this Retail Park. I was initially instructed to let Unit 1 which became available when United Carpets vacated, and we were able to agree a new Lease to Majestic Wine. Shortly afterwards unit 3 became vacant following the demise of Blockbuster, and another new letting was quickly agreed with Barnardo’s”.

“To round things off we were then instructed to agree a Renewal of the Farmfoods Lease which expired in August 2014. The evidence provided by the new lettings meant negotiations were relatively straightforward and terms for the new Lease were agreed and documented”.

For more information about the site, contact: John Proctor at FHP Property Consultants on 0115 950 7577.

ENDS

Acting on behalf of a new Private Investor client FHP are extremely pleased to announce the completion of the purchase of 3 Bond End Wharf.

The property comprises a quasi-industrial unit constructed for National Tyre Services over 25 years ago. They recently extended their lease by a further 10 years to expire in December 2024.

The current rent of £40,200 per annum represents 85% of the rack rental value. The purchase price agreed was £625,000 which shows an initial yield of 6%.

Noel Roper, who negotiated the purchase, commented:-

“Although this was a quasi-shed it was surrounded by other retail premises including directly opposite a large store operated by Tesco, together with retail parks to the rear and side. In the event of the tenant wishing to vacate it would be proposed to obtain planning consent for change of use for A1 Retail Premises and if necessary reconfigure/reconstruct the property.  It could then easily be let at a rent of anything between £55,000 and £60,000 per annum, depending on the use.

The attractions of this unit therefore are the number of options available to the purchaser as and when vacant possession might or might not be obtained.

END

FHP Property Consultants are delighted to bring to the market 2 adjoining modern industrial/warehouse units of 2,920ft² each on the established Manners Industrial Estate in Ilkeston.

Unit 1 currently has a high office content whereas Unit 2 comprises conventional warehouse space.  Both have loading and parking facilities to the front and are available individually or combined, providing  a total of 5,840 ft².

Tim Richardson from FHP comments:

“These two modern units are currently occupied by one business on the Manners Estate.  Ilkeston is proving a popular location and with few small industrial units currently available we are hopeful that these will receive a good level of interest”.

For further information contact Tim Richardson at FHP: 01332 343 222.

FHP acting on behalf of off-shore investors have completed the sale of an island site on Lower Parliament Street to Nottingham City Council.

The site which currently comprises a car wash, car park and vacant industrial building abuts Pennyfoot Street and BioCity, whilst fronting the busy Lower Parliament Street in Nottingham.

David Hargreaves who acted on behalf of the vendor confirmed that the site is to be developed to provide an extension to BioCity for which Government funding has been secured by the Council.

A price of £1.5 million was secured.

FHP acted on behalf of the Vendor, Claremont Property Holdings, with Nottingham City Council’s Property Team acting on behalf of the Council.