Acting on behalf of Blueprint, FHP Property Consultants and Innes England are pleased to announce the sale of Oakham Business Park, Hamilton Way, Mansfield.

Oakham Business Park, Mansfield is a well-established office and industrial location with direct access to MARR, with Junction 28 of the M1 Motorway within a 10 minutes’ drive away.

The property is a substantial industrial investment, consisting of three freestanding, self-contained units and two units with a shared yard.  These units were constructed a number of years ago with a high specification by English Estates.   The location has improved in recent years with the construction of access to Junction 28.

The properties are let to Glenair, Sangenic International (two units), HCP Services Ltd and BPR Medical.

The properties are let on a variety of leases expiring between 2017 and 2022 and produce a combined rental of £218,300 per annum.   Although the properties are let on separate leases the rents range from £4.10 to £4.43.

The strength of the location and the desirability of the units is emphasised by the fact that unit 1, let to Glenair, was let virtually immediately upon the previous tenant exercising their break clause to vacate.  A new 10 year lease was granted at a rent of £66,500 per annum (£4.43 per ft²) underlying the existing rentals passing under the terms of the leases.

The quoting price was £2,250,000 to show an initial yield of 9.18% after costs.  The purchase price agreed was close to this figure.

FHP Property Consultants and Innes England acted on behalf of Blueprint in connection with this sale.  The purchasers are a Private Pension Fund and were represented by Stephen Werner of Peter Clarke and Company LLP of Leamington Spa, Warwickshire.

END

Noel D. Roper                           

Date:  08/03/2013

Tel: 0115 8411132/Email: noel@fhp.co.uk  

Acting on behalf of our retained clients, Lancaster Properties and Developments Limited, FHP are pleased to announce they have now concluded negotiations for the sale of the long leasehold interest in the parade of shops known as 48 – 60 Derby Road, with the exception of 58 Derby Road.

Smalley’s the Outfitters, No. 54, was sold some time ago.  The lot sizes for these units range from £112,000 up to £190,000 depending on the size and rents payable.

These little investments proved attractive to individual SIPP’s, Private Property Companies and individuals themselves as they provide an opportunity to acquire a good well let investment, close to Nottingham City Centre at a realistic price.

The yield profiles range from 8.5% to 9%. 

Noel Roper of FHP commented:-

“Clearly parties with money in the Bank are earning very little interest and this is an opportunity to generate a far greater return and at the same time acquire an asset which if inflation increases should appreciate in value.”

The last remaining unit, 58 Derby Road, is let to Welch The Florist, a company established in Long Eaton in 1920.  They took occupation of these premises a few years ago.  The current rent of £14,000 per annum is subject to review in 2015 and 2018.  Offers are sought at a figure of £157,500 to show 8.62% after costs.

For further information on investment properties please contact Noel Roper.

END

Acting on behalf of Blueprint Ltd in conjunction with Inness England, FHP are pleased to announce the completion of the sale of the above small, industrial investment.

The investment was constructed a number of years ago and consists of 11 units ranging in size from 750ft² – 2,000ft² (12,000ft² in total) with two units currently vacant.

The income at the time of the sale was £52,500 per annum with an anticipated ERV when fully let and income producing of something in the region of £64,875 per annum.

Bingham and the surrounding area have greatly improved in accessibility with the completion of the construction of the A46 Widmerpool to Newark trunk road. It is as a result of these works and its location that FHP and Inness England were able to achieve a sale of the property.

The purchasers, who are two private individuals based in Lincolnshire, were represented by Brown and Co. The sale price agreed was £635,000, which shows an initial yield of 7.8% and a reversionary yield when fully let and income producing of 9.65% net of costs.

Noel Roper of FHP Property Consultants commented:-

“We are extremely pleased to be able to conclude, in conjunction with Inness England, a satisfactory sale of this property to two private individuals represented by Brown and Company. These properties are extremely well constructed and re-let very well. It was because of this factor that the clients decided to keep back the two vacant units allowing the purchasers to re-let upon completion to establish their own rental levels.”

There is still a very good strong demand from private individuals, family trusts and small pension funds for these good, well let, multi tenanted industrial investments.

Further investment sales are planned in the early part of 2013.

END

Acting on behalf of Blueprint Ltd in conjunction with Inness England, FHP are pleased to announce the completion of the sale of the above small, industrial investment.

The investment was constructed a number of years ago and consists of 11 units ranging in size from 750ft² – 2,000ft² (12,000ft² in total) with two units currently vacant. 

The current income at the time of the sale was £52,500 per annum with an anticipated ERV when fully let and income producing of something in the region of £64,875 per annum. 

Bingham and the surrounding area has greatly improved in accessibility with the completion of the construction of the A46 Widmerpool to Newark trunk road.  It is as a result of these works and its location that FHP and Inness England were able to achieve an aggressive sale of the property. 

The purchasers, who are two private individuals based in Lincolnshire, were represented by Brown and Co.  The sale price agreed was £635,000, which shows an initial yield of 7.8% and a reversionary yield when fully let and income producing of 9.65% net of costs. 

Noel Roper of FHP Property Consultants commented:-

“We are extremely pleased to be able to conclude, in conjunction with Inness England, a satisfactory sale of this property to two private individuals represented by Brown and Company.  These properties are extremely well constructed and re-let very well.  It was because of this factor that the clients decided to keep back the two vacant units allowing the purchasers to re-let upon completion to establish their own rental levels.

There is still a very good strong demand from private individuals, family trusts and small pension funds for these good, well let, multi tenanted industrial investments.

Further investment sales are planned in the early part of 2013.

END

Acting on behalf of a private property company, FHP Property Consultants are pleased to announce the completion of the sale of the above retail investment.

This property was a former Woolworths store which was split up and let to two tenants. The subject property was let to Superdrug Stores on a lease expiring in January 2023 having 11 years unexpired.

The rent was £41,500 per annum, subject to review in 2013. Offers were sought at a figure of £495,000 which was 8% after costs. A price close to this figure was agreed.

Noel Roper commented:-

“We were delighted to act on behalf of this well established private client and were able to agree a transaction relatively quickly for the sale of this property at a good price.”

“There is still a strong demand for good, well let, retail investments in lot sizes of sub £500,000.”

The purchaser’s, who were a private pension fund, were represented by Geoff Gibson of Lambert Smith Hampton.

END

Noel D. Roper

FHP have been instructed to market Building A Blenheim Court, an end of terrace light industrial / warehouse unit of 6,019ft² which is let to Hotchkiss Limited who are a low risk covenant at a net rental of £32,468 per annum which reflects a low capital value of £51.47 per ft².

John Proctor, who is handling the instruction in conjunction with Tim Gilbertson at FHP, confirmed:-

“The property is priced at £310,000 which provides an Investor a net yield in excess of 10% from the outset – the perverse impact of the financial market is that properties such as this where there is a relatively short term lease (the Tenant has a break clause in April 2015) means that you can purchase properties with Tenants at lower figures than one could achieve if the buildings were sold with vacant possession.  One would obviously hope that when we see recovery within the overall market and particularly the availability of finance that an opportunity such as this will not only provide the ability for a good initial return but also good prospects for strong capital growth”.

For further information contact John Proctor at FHP on 0115 950 7577

It would be easy to think that the predominantly Commercial entity of FHP do not work closely with their colleagues at FHP Living who are based in the City Centre and West Bridgford. This however would be far from the truth!

A recent example of the two working well together is at Astlie Court, Hucknall Road, Nottingham.  Here, Alastair Fearn of FHP was instructed by the administrators of Aston Leslie Developments Ltd to sell an 8 apartment residential development known as Astlie Court.  At the time of instruction 7 out of the 8 apartments were let with an estimated rental value of £51,000 pa.

Shortly after instruction however a number of tenants, for a variety reasons, served notice to vacate and so this income producing residential investment was starting to look somewhat less attractive without any income!

Alastair Fearn of FHP said:-

“With a number of the apartments becoming vacant the investment was going to become increasingly difficult to sell.  It was important for us to be able to re-let the vacant apartments as soon as possible to not only maintain income but to illustrate to investors that when the apartments became vacant in the future, that tenants can be found.

We therefore advised the administrators that our sister company FHP Living, who are residential letting specialists, should be instructed to find replacing tenants.”

Following the instruction of FHP Living, 6 apartments were let in the space of 3 months ensuring that the income stream was protected.

Jonty Green of FHP Living added:-

“With the correct presentation and marketing we have been able to achieve 6 lettings in a short space of time.  There is a fair amount of competition in this market and it was imperative therefore that the apartments were presented in the best way they could be and once a suitable tenant was found, we were able to have all legal documentation agreed straight away at no extra cost.

Within 1 week of completion of the sale we have also been able to let the last apartment for the new purchaser to ensure that the development is now fully let.”

The development has now been sold by Alastair Fearn of FHP.  Alastair added:-

“When we were instructed by Cooper Parry, the administrators of Aston Leslie Developments Ltd, our objectives were to effect a relatively speedy sale at a market level and also maintain income throughout.  With the help of FHP Living, we have been able to achieve these objectives.

We are also now retained by the purchaser to seek similar opportunities within Nottingham and surrounds”

For further information on this transaction or other opportunities please contact Alastair Fearn of FHP or Jonty Green of FHP Living.

Cooper Parry acted as the administrators for Aston Leslie Developments Ltd and the purchaser was a private individual.

Acting on behalf of Wilson Bowden Developments FHP are offering Building 4c Blenheim Park. The 25,437ft² 2007 built warehouse sits on their 33 acre development.

The asking price of £1,366,000 reflects a net initial yield of 10% on a capital value of £54 per ft²

Falcon Panel Products (the Tenant) have posted robust financial results during the economic downturn.

John Proctor, acting on behalf of WBD, confirmed:-

“Whilst the unit only has 5.5 years remaining on the lease I can see the reason as to why somebody should buy this property as the property can be bought for a lower capital value than we would achieve if we were to sell the property with vacant possession”.

For further information contact John Proctor at FHP on 0115 950 7577

Acting on behalf of Ultimate Estates FHP have been instructed to market the Harvester Restaurant in Castle Marina, Nottingham.

The Harvester sits alongside McDonalds in Castle Marina which is Nottingham’s prime mixed use leisure and retail development on the fringe of the Nottingham City Centre.

The unit is let on a 25 year lease with a 15 year break clause with rent reviews RPI linked…..

For further information contact John Proctor at FHP on 0115 950 7577

Acting on behalf of a private pension fund client, FHP Property Consultants have purchased a freehold retail investment in Chesterfield for a price reflecting a net initial yield of 8.80%.

The property at 14 Packers Row is let to Savers guaranteed by Superdrug Stores Plc on a full repairing and insuring lease expiring in June 2017 at a rent passing of £74,500 per annum.

Mark Bradley who represented the purchaser commented:-

“This was a fantastic opportunity to acquire a prime retail investment in Chesterfield let to a strong covenant for a very competitive yield of just under 9% with 5 years remaining on the lease.  The retail property market in Chesterfield is probably faring better than many comparable towns with relatively few vacant units within the core shopping area and the prime pitch of Vicar Lane Shopping Centre being almost fully occupied.”

The vendor was represented by Mason Owen.

FHP Property Consultants are pleased to announce the completion of the sale of the above single retail investment, let to Coral Estates Limited and Coral Racing Ltd.

The property was let for a term of year 10 years from August 2006, expiring in August 2016, at a rent of £9,500 per annum.

The agreed sale price was £126,500 to show an initial yield of 7.28% after costs.  FHP represented the vendors who were a substantial, private, Nottingham based Property Company.

Noel Roper comments:-

“We were particularly pleased to be able to sell this small, retail investment at a very good figure.  The property was well let to Coral Estates Limited who had been in occupation for many years.  The property is situated directly opposite the new Sainsbury’s Superstore, which has been recently completed on Nottingham Road, Mansfield.  The purchaser was a private Derby based investor who represented himself.”

Acting on behalf of Blueprint Portfolio, FHP in conjunction with Inness England are pleased to announce the completion of the sale of Millfield Road Industrial Estate, Donington.

This is one of a series of small industrial estates owned by Blueprint located throughout Lincolnshire where FHP and Inness England have been involved with the sales.

The property comprises of six units totalling between 753 ft² to 1,101 ft² and with a total area of just over 5,000 ft².  The property produces a current income of just over £14,000 with an estimated rental value of £17,000.  A number of parties were interested which resulted in a competitive bidding process.

The property was sold to Dejex Supplies Ltd the adjacent owner occupier for the sum of £195,000 with the benefit of the existing income and two vacant units.

The purchase price showed an initial yield of 6.8% after an allowance for purchasing costs.

Further investment sale instructions are anticipated.

For further information contact Noel Roper of FHP.

FHP Property Consultants are delighted to announce the sale of Urban Road Business Park in Kirkby in Ashfield on behalf of LPA Receivers Edward Symmons.

The property comprises a range of self-contained industrial units totalling 43,673ft² on a two acre site close to the Train Station in the Town.  The property was 50% occupied at the time of purchase, representing an attractive asset management opportunity.

Mark Tomlinson, Surveyor in FHP’s Insolvency Team, commented:-

“This site had fallen on hard times in the last few months and needed a fresh approach to enable us to offer an attractive purchase opportunity which involved various site works and lease re-gears.  A pragmatic approach from the Receivers assisted the process greatly, allowing us to complete a sale by formal tender just six months from initial instructions”.

Innes England acted on behalf of the Purchaser in the transaction.  Scott Osborne, Associate Director at Innes England’s Nottingham office, said:-

“I am pleased with the result we achieved in the acquisition of this freehold industrial investment and delighted to be able to provide future advice.

“There remain a number of vacant units within the business park, which means that there is an immediate opportunity to increase the income stream.

“My client also recognises the benefit of improving the workshop and storage space, which will be refurbished in due course to provide good quality accommodation. This should not only protect the investment but will also enable us to let the space more quickly to new tenants.”

The property comprises a detached warehouse facility constructed approximately 12 years ago totalling circa 21,700 sq ft together with excellent goods servicing yard and car parking to the front.

The property was let in its entirety to Sangenic International Ltd as part of the Mayborne Group with a lease expiring in 2019 with a current rent of £97,341.40 pa and subject to review again in 2015.

The property was offered for sale by David Findlay of Jones Lang LaSalle. Following a relatively short marketing period terms were agreed after competitive bidding at a figure of £1,055,000 to show an initial yield of 8.69%.

Noel Roper commenting:-

“On behalf of this specific client we have been looking for a considerable amount of time to find a suitable industrial investment within the immediate vicinity of their operational headquarters located not far from Mansfield.

We have looked at a lot of other properties on Hamilton Way which we recognise as being of strategic importance with the opening of the Mansfield inner relief road (MARR) giving early access to Junction 28 of the M1 motorway”.

David Findlay acting on behalf of the vendor, Orchard Developments (Holdings) Plc, commented:- ‘’ We were pleased with the response to the marketing of this opportunity and received multiple bids on it, before selecting the eventual purchaser, who performed well and in accordance with agreed timescales.’’

END

Noel D. Roper                        

Date:  30 January 2012

Tel: 0115 8411132/Email: noel@fhp.co.uk  

FHP acting on behalf of a private investor are pleased to announce completion of the sale of the above retail/leisure investment property after competitive bidding by informal tender.

The property comprises the former offices of Hallam Bracket subsequently acquired by Connell Wilson and Lambert Smith Hampton in 1987. The property was let on assignment to Prezzo Plc for the residue of a 25 year FRI lease from August 1998 at a rent of £75,500 per annum, thus having 12 years unexpired with the potential increase to the rent of £13,000.

The current rent payable equates to a ground floor rate of £25 psf. The rental values in the Low Pavement area have considerably increased in recent years due to the presence of Carluccio’s and Jamie’s Italian further along Low Pavement/Middle Pavement.

The estimated rental value is something in the region of £85,000 to £87,500 per annum.

The property was offered to a selected number of parties. A price of £1,175,000 was eventually agreed to show an initial yield of 6% and a reversionary yield of 7% after costs.

The purchasers, who are a northern based private property company, were represented by John Steadman of Steadman Brierley of Leeds.

Noel Roper of FHP comments:-

“Having been a Partner with Hallam Bracket many years ago I was delighted to be instructed to re-sell the former Hallam Bracket premises where I worked for many years.

Rental and capital values have considerably increased in this area and thus we were able to achieve a very satisfactory price on behalf of a private vendor who had owned this property for a considerable number of years.

FHP have sold the long leasehold investment of the Co-op premises located on New York Street, Leeds.

Ben Tebbutt, Partner at FHP, acted on behalf of the vendor, Oakgate (Bradford) Ltd.  The property was sold at a price of £1,050,000 reflecting a yield of 6.75%.  Co-op are paying a rent of £75,000 per annum with 13 years remaining on their lease. 

The property was purchased by Dyson Properties, with David Dresler of Dresler Smith acting on behalf of the purchaser.

FHP have sold the freehold investment of the Sainsburys premises located at 256 London Road, Balderton, Newark.

Ben Tebbutt, Partner at FHP, acted on behalf of the vendor, George LB Limited.  The property was sold at a price of £1,950,000 reflecting a yield of 4.85%.  Sainsburys are paying a rent of £100,000 per annum with 23 years remaining on the lease.

The property was purchased by EIRP Ltd, with Edward Hine of Edward Hine & Co acting on behalf of the purchaser.

Ben Tebbutt commented:-

“This deal highlighted the two tiered investment market we are currently experiencing.  On one hand secondary investments with short lease lengths and average quality tenants are almost impossible to sell, whilst strong tenants with long leases are a rare product thus attracting strong demand.”

19 Stoney Street is a multi-let period building predominantly made up of office accommodation from ground to second floor with a bar in the basement.  The sale has just completed to the owners of the adjoining building and represents excellent value as according to FHP the building income has potentially been increased from its current level at £53,000 per annum to in the region of £70,000 per annum.

At the time of the sale the ground and second floor were vacant with the rest of the building let out and this vacant space allowed the owners of the multi-let building next door to increase their presence in the area and their ability to let space out, allowing them not to miss out on any enquiries that came through whilst their current building was full. 

This sale is the latest in the line of insolvency sales of period offices that FHP have been involved in including 15 High Pavement and 20 Park Row which were both similar style period buildings.

James Hartley of FHP commented:

“It is pleasing to complete the sale of this property and this is the third recent insolvency sale we have achieved on  a period building within Nottingham City Centre and it appears as though they do attract a good deal of attention.  This insolvency sale on behalf of the Fixed Receivers was part of a large portfolio that FHP’s insolvency team are working on and we look forward to announcing the sale of further properties within this portfolio in the future.”

If you are looking for any advice or information on your property where it is related to insolvency or not, whether you are purchasing or looking to sell then we have a team with in-depth knowledge across the commercial property market who can help you with this and please do give us a call on 0115 9507577.   

Fixed Charge Receivers were advised by Noel Roper and James Hartley of FHP throughout the entire negotiations.

END

James Hartley

Date:  13 June 2011

Acting on behalf of Langham Park Developments, FHP have been instructed to market a proposed new McDonalds Drive Thru at Berristow Lane opposite to the entrance of the East Midlands Retail Outlet at Junction 28, M1.

 The property has been let on a 20 year lease at a rent of £90,000 and is priced at £1.5 million, reflecting a net initial yield of 5.67%.  Full information is available from John Proctor at the Nottingham Office.

FHP are pleased to announce the completion of the sale of 8 apartments at The Axis, 43 Wollaton Street, Nottingham. The Axis forms part of an iconic development undertaken by Henry Boot of the former Co-operative Department Store on Upper Parliament Street/Wollaton Street. The fifth and sixth floors were acquired by Chek Whyte Industries in conjunction with another individual and converted to provide 19 fully furnished apartments.

David Hargreaves of FHP was appointed the LPA Receiver on behalf of Allied Irish Bank.

At the time of the completion of the sale 6 of the apartments were let fully furnished and 2 were vacant.

Due to the popularity of the development, 2 vacant apartments were let shortly afterwards.

The properties were sold under 8 individual under-leases for a term of 125 years from and including the 20^th December 2008 at a ground rent of £200 per annum each. Included in the demise was the benefit to park 8 vehicles in the adjacent car park under City Gate House.

FHP were able to achieve a price of just under £1.1 million for these apartments, representing a capital value of £135,000 per apartment, a discount for the open market of some 10-15%.

The purchasers, who were an overseas private individual, were represented by Simon Perkins of PWR Property Consultants. Noel Roper of FHP advised the receiver.

David Hargreaves who commented on the sale stated:-

“We were able to complete the purchase of this property after a relatively short time scale to an overseas buyer. The properties were realistically priced. The quality of the development therefore enabled the purchasers to complete lettings of the 2 vacant units shortly after completion.”

Simon Perkins of PWR comments:-

“Our client’s brief was to secure the purchase of a sought after development in the City Centre with a gross rental yield in excess of 7.5% and the Axis purchase was an ideal opportunity, as the apartments are finished to a high specification and they command a good level of rent”.

by Noel Roper of FHP throughout the negotiations.

END

NOEL ROPER
Tel: 0115 841 1132
Email: noel@fhp.co.uk

Date: 08 December 2010

Acting on behalf of Richard A B Saville and Peter A Blair, the receivers for Chek Whyte Industries, FHP are pleased to announce the completion of the sale of The Edge, Bar Lane, Basford.

This property comprises a purpose built retail and residential development erected a few years ago. It consists of 12 apartments, some one bedroom and some two bedroom. At the time of the sale only two apartments were let producing an income of £970 pcm. All other apartments were let within a 3-4 week period at rents of between £450 pcm (1 beds) and £550 pcm (2 beds).

Simon Perkins comments:-“We have a good relationship with FHP and The Edge development has worked well as an investment for our overseas client who has been purchasing suitable investments over the last 12 months in the UK”.

The property was sold for a figure of some £850,000 to a private individual represented by Simon Perkins of PWR Property Consultants.

By acquiring the entire freehold interest, including the retail shop, the purchasers were able to retain control of the whole development and therefore refurbish and re-let vacant apartments and at the same time fit out and let the ground floor shop to enhance the investment value.

Noel Roper at FHP handled the sale on behalf of the receivers and commented:-“We were delighted to achieve a sale of this property to a reliable investor with whom we have done business before.”
END
NOEL ROPER
Tel: 0115 841 1132
Email: noel@fhp.co.uk
Date: 13^th December 2010

Acting on behalf of retained clients, Fisher Hargreaves Proctor are pleased to announce the completion of the second office investment which they acquired for this company during the current year.

Terms were agreed relatively quickly for the purchase of the freehold interest in a modern, self-contained office building forming part of St James Business Park. The development is part of a larger commercial mixed used development developed over the last 5 years. St James Business Park consists of 7 self-contained office buildings, 3 of which were constructed as semi-detached buildings erected by Business Homes Ltd.

The property consists of a pavilion style office building totalling some 6,100 ft² together with parking for 22 vehicles. The property was let to Technology Sciences (Europe) Ltd on a new 10 year full repairing and insuring lease from June 2010 at a rent of £92,500 per annum with a tenants break clause at the end of the fifth year. The price agreed was £895,000.

Noel Roper, who acted on behalf of the purchasers throughout, commented:-

“We were pleased to be able to secure this well-let modern office accommodation on behalf of their clients which compliments their existing portfolio of a number of other commercial properties located throughout the United Kingdom.”

Andrew Summersgill of King Sturge’s Leeds office acted on behalf of the vendors Business Homes (St James Park) North East.>

END

Noel Roper

Date: 25 November 2010

Tel: 0115 841 1132

Email: noel@fhp.co.uk

Acting on behalf of Richard A B Saville and Peter A. Blair, the Receivers for Chek Whyte Industries, Fisher Hargreaves Proctor are pleased to announce the completion of the sale of the long leasehold interest in the above multi-let warehouse investment.

The property comprises 6 warehouse industrial units totalling 32,165ft² occupied by 4 tenants together with one vacant unit, constructed by Chek Whyte Industries in 2006. The vacant unit 3b is a self-contained unit of 3,270 ft². The property produces a current income of £136,415 per annum which will rise on the letting of unit 3b to £151,000 per annum. The tenants include Andrew Page Limited, Hertalan Ltd and Temati (UK) Ltd.

The property was sold for £1,400,000 which reflects a yield of 9.21%, after usual purchase costs and a reversionary yield of 10.21% on completion of the letting of Unit 3b.

Noel Roper, acting on behalf of the Receivers, commented that:-

“Because this was a receivership sale, it was particularly complicated in view of the fact there were outstanding overidge payments to be made to Mansfield Council together with a number of legal issues which had to be resolved before the sale could be completed”.

The property has been sold to CBRE Investors acting on behalf of Client’s of CBRE Investors. CBRE investors were represented by Franck-Steier Price LLP.

Ben Blackwall, Associate of FSP commented:-

“The property comprises a modern industrial estate which Client’s of CBRE Investors were able to acquire for a low capital value of £43.54 ft². The age of the units means that capital expenditure will be low in the short to medium term and there is a good tenant demand for units, which is evidenced by the recent letting of the last available unit.”

Laura West of FHP has been instructed to let the vacant unit and has agreed terms to let the unit for £14,700 per annum on a 5 year lease.

END

Noel Roper

Date: 13 December 2010 Tel: 0115 841 1132Email: noel@fhp.co.uk

John Proctor at FHP’s Nottingham Office has confirmed that they have acted on behalf of the leading property company Development Securities Plc, advising upon the acquisition of Pearl Assurance House which forms a substantial part of the Wheeler Gate and Friar Lane frontages in the heart of the Nottingham City Centre.

The complex which was constructed in the late 1960s/early 1970s comprises four shops fronting Wheeler Gate occupied by HMV, Shuropody, Lakeland and Costa Coffee with return frontage to Friar Lane comprising the entrance into the eight storey office block which over sails the retail element, and the retail units occupied by MSR Newsagents, Johnsons Dry Cleaners and Cancer Research.

It is understood that the property produces an annual income of approximately £1,000,000 per annum with three of the eight floors of offices currently being vacant.

Development Securities Plc intend to invest in the property – particularly the office element which was last refurbished approximately 15 years ago.

It is understood that the property has been acquired for a sum slightly in excess of £9 million providing Development Securities Plc with an initial return of some 9.5% per annum.

The office building currently houses substantial Tenants including Nottingham Building Society, The Lottery Fund and Ashton Bond Gigg Solicitors – it provides some eight floors of open plan offices, three of which are currently vacant.

Development Securities Plc intend to implement a high quality refurbishment to provide offices of a standard more comparable with new build.

John Proctor who advised Development Securities Plc confirmed:-

Wheeler Gate is, and always will be, an integral part of the Nottingham City Centre connecting the Old Market Square with the Broadmarsh and wider retail core.

The offices over have always been popular by virtue of the fact that they provide good quality open plan space with excellent views over the Market Square on one side and Nottingham Castle to the other.

Periodic investment in properties of this nature is needed to maintain their standing within the market and Development Securities Plc have recognised the opportunity which exists here to maintain and strengthen the retail offer and upgrade the offices to provide a high quality, centrally located office building with car parking.

Our Clients see this as an opportunity to provide good quality space into the market which will be available as the economy continues to strengthen.”

Bradley Cassels at Development Securities Plc confirmed:-

“We are committed to investing in good quality assets and look to buy opportunities where we can be pro active, improve the property and by implication enhance the asset value – Pearl Assurance House fits our criteria with Nottingham being recognised as being one of the main provincial retail centres, and the dominant business centre within the East Midlands region.”

 The property comprises two interlinked period office buildings occupying a prime office location in the centre of Leamington Spa and close to the main shopping facilities of The Parade.   

The accommodation is arranged on lower, ground and three upper floors totals some 6,873ft² and is let in its entirety to Summersault Communications Limited with the guarantor provided by Motiv.com plc at a rent of £88,607 per annum. 

The property is let on a 10 year full repairing & insuring lease from September 2008 with a tenants break clause at the end of the 5^th year.   

The building has been totally refurbished behind the existing façade and has the benefit of a total of 28 car parking spaces, 8 to the front and 20 the rear in a privately enclosed car park.   The building also had the benefit of a lift.

A price of £1,040,000 was agreed to show an initial yield of circa 8% after allowances of costs.  

Noel Roper who negotiated the transaction on behalf of the purchaser commented: –

“We were delighted to be able to secure this well let investment at a competitive tender.   The building is in excellent condition and although occupying a Town Centre location has the benefit of 28 car parking spaces, a ratio equivalent to out of town offices”.

In due course Fisher Hargreaves Proctor will be instructed to acquire further commercial property investments for this investment company.

The vendors who were a charity were represented throughout by Hoddell Stotesbury Morgan

David Hargreaves of Fisher Hargreaves Proctor, acting on behalf of Richard Saville, LPA Receiver on behalf of Yorkshire Bank of Chek Whyte Industries, has completed the first sale of the £20 million portfolio.

The property at 62/64 Long Row & 77/79 Upper Parliament Street in Nottingham has been sold to clients of Invista Real Estate Investment Management at a price of £6.85 million.

David Hargreaves, who handled the sale, confirmed that the property comprises a retail unit of approximately 5,000 sq ft let to Tesco, a medical centre of approximately 25,000 sq ft let to NetCare and NEMS Limited and a vacant retail unit which is likely to be a pharmacy in due course.

The price of £6.85 million represents a net initial yield for the purchaser of 6.9% off an income of £500,000 per annum rising to £525,000 in 3½ years time.

Richard Saville, the appointed LPA Receiver, said; “Taking into account the current economic conditions, I am delighted with this particular outcome. A significant amount of work was put into achieving this sale. The fact that a national organisation purchased this property demonstrates belief that the local economy is still reasonably buoyant”.

Lambert Smith Hampton’s London Office acted on behalf of St James’s Place APUT c/o Invista Real Estate Investment Management, with Addleshaw Goddard’s Leeds Office acting on the legals on behalf of Richard Saville.

David Hargreaves commented: “We have a number of other buildings within the portfolio “under offer” and we are hoping to make more announcements in respect of sales in the coming weeks.”

The property comprises a purpose built out of town office building forming part of the Trentside Business Village development constructed a few years ago with the accommodation arranged on ground, first and second floors with car parking at ground floor level.

The accommodation totals some 6,772ft².   The building was let to NFU Mutual, Blueprint Entertainment Limited and Advanced Brickwork producing a rent of £85,500, equating to approximately £12.75 per ft².

The lease to NFU Mutual expires in 2017 and the other 2 leases were for a materially shorter period.   

The property was sold for a figure to reflect a yield of 10.5% after normal purchasing costs.  

Noel Roper commented: –

“Trentside Business Village originally consisted of 4 self-contained buildings each of about 7,000ft², 2 of which were sold to owner occupiers together with the above investment.    Currently only 2 suites are available in the 1 remaining building at a quoting rent of £12.75 per ft².    FHP has been pleased to be associated with what we consider to be a very successful out of town office development”.

David Hargreaves of Fisher Hargreaves Proctor acting on behalf of a Nottingham based property company has negotiated the acquisition of a prime retail investment on Clumber Street – reputedly one of the busiest shopping streets in Europe off a yield of 7%.

The property at 36-40 Clumber Street is let to Abbey National and Aldo, the European footwear retailer and delivers a rent of £437,500 per annum.

David Hargreaves said: “There has been a window of opportunity for the private property company/high net worth individual to buy 100% prime retail stock that has primarily been the domain of the institutions at yields not seen for the past 20 years.  We have been advising our clients to take advantage of these opportunities and the acquisition of the Abbey National/Aldo is another successful acquisition.

Over the past 20 years yields on Clumber Street have averaged around 5% and yet we have managed to purchase this one off an initial yield of 7%. It is a modern building in a superb location and one that I have no doubt will perform over the years to come.”

David Hargreaves went to say that not only is it a great acquisition for his clients, but it was also a great “Nottingham performance”.

"We were up against 2 other cash bidders and were able to introduce to our clients Tim Corthorn at NatWest who was able to provide bank funding within one week.  NatWest in turn brought in the Nottingham office of King Sturge who turned the valuation around quickly, as did Freeth Cartwright, who provided the legal advice to the Bank. In the meantime working with Graham Green of Fraser Brown, we were able to exchange contracts within a week of receipt of the legal documentation.  We have worked with Fraser Brown now on 3 similar investments and on each occasion they have performed extremely quickly in what is surprisingly a very competitive market at the moment.”

FHP will now manage the investment for their clients.  The landlords, Aviva UKGI Investments Limited, were represented by the London office of Savills.

Fisher Hargreaves Proctor acting on behalf of a private investors have acquired a 250 year lease at a peppercorn rent of the Starbucks Coffee unit overlooking the Market Square in Nottingham.

The property was owned by Braemar Estates and sold on their behalf by Christopher Dee.

David Hargreaves, who negotiated the acquisition, confirmed that Starbucks pay a rent of £170,000 per annum and that a price of £2.4 million was paid, reflecting a yield of 6.7%.

David Hargreaves said:  “Our clients have acquired a 15 year income stream from Starbucks in an excellent location overlooking the Market Square.  With the £7 million refurbishment of the Square 2 years ago and the Tram system, we believe this is a much improved location.  The property benefits from a large return frontage to Wheeler Gate and we believe will always find tenant interest. 

David Hargreaves confirmed that the investment market for well let retail stock is improving, with a number of cash buyers starting to evolve.  Hargreaves confirmed that his clients had serious competition from another cash buyer in securing this investment.

Fisher Hargreaves Proctor, who introduced and acquired the investment, have now been retained to manage it, whilst FHP Living have been instructed to let and manage the residential apartments above.

Acting on behalf of private investors, Fisher Hargreaves Proctor have acquired a retail investment located within Aylesbury.

Aylesbury is the administrative centre town of Buckinghamshire located approximately 40 miles north west of London.  The subject premises occupy a prime position within Aylesbury and are let to Dolland & Aitchison, Greggs and Lunn Poly.  Aylesbury has a resident population of approximately 70,000 persons with a catchment in excess of 340,000.  The town has two shopping centres, The Friars Square and The Hale Leys Centre.  Major retailers located within Aylesbury include Marks & Spencer, Boots the Chemist, W H Smith and New Look.

Ben Tebbutt, Partner at Fisher Hargreaves Proctor commented:-

“The property produces an income of £190,551 per annum from the 3 tenants.  The investment was purchased at a price of £1.9m which reflects a yield after costs of 9.5%.”

Mr Tebbutt added “This typifies the value that can be found in the property market at present.  The property occupies a prime position within the town and is let to 3 quality retailers.  Investors who are faced with low bank interest rates are now looking at commercial property with renewed confidence, particularly ones that generate this sort of return.”

FHP are acting for a number of cash investors who are hungry for this type of product.

Richard Aitken of Reid Rose Gregory acted on behalf of the vendor.