Alan Pearson, Associate Partner of FHP Property Consultants has let 15 Front Street, Arnold on behalf of private clients to the Kitchen Lab Limited.

The Kitchen Lab have taken a new six year lease, subject to three yearly rent reviews at a headline rent of £15,000 per annum exclusive.

The Kitchen Lab have been trading for 15 months from warehouse accommodation and this is their first retail outlet, which occupies a prime corner position at the junction of Front Street and High Street, Arnold. 

Alan Pearson of FHP commented:-

“I am delighted to have secured The Kitchen Lab on competitive terms, which completed within three weeks of instructing solicitors”.

“The Kitchen Lab are due to open the doors of their new store in the new year and I wish them every success with their new venture”.

Michael Wilson of the Kitchen Lab commented:-

“I would like to thank Alan and FHP for the efficient service and help with my letting of 15 Front Street.”

“We will commence trading from the 5^th of January 2012 and we’re really excited about the future of the kitchen lab.”

For further information with respect to this letting or for marketing advice, please contact Alan Pearson of FHP Property Consultants on 07876 396 005 or alan@fhp.co.uk.

FHP Property Consultants together with joint agents Ockleston Bailey have secured a new letting of Unit 6, 6-10 Albert, Derby to PDSA on a new 10 year lease at a rental of £29,000 per annum subject to a tenant only break option at the end of the fifth year.

The premises which occupy a busy location immediately adjacent to Derby Covered Market, were formerly occupied by Brighthouse who relocated within the city centre and following a period of proactive target marketing, PDSA were identified as having a lease expiry on their existing branch in Cornmarket where they were paying a substantially higher rental.

Mark Bradley of FHP commented:-

“Once we became aware that Brighthouse were not intending to renew their existing lease, a target list of potential occupiers was identified including those with lease expiries in the city centre from our extensive database.  The development at Albert Street is favoured by charity shops and therefore PDSA were quickly highlighted as a potential occupier and following a period of negotiations, terms were agreed for a new lease.”

Acting on behalf of a private landlord, FHP Property Consultants have let Unit 3, 25 High Road, Beeston to mobile phone operator Phones 4 U on a new 10 year effectively full repairing and insuring lease at a rental of £35,000 per annum.

The premises which comprise 1,898ft² ground floor sales were previously occupied by Dorothy Perkins, who in keeping with a number of Arcadia Group companies, have been rationalising their store representation throughout the UK and decided not to renew their lease upon expiry.

Mark Bradley of FHP, who represented the private landlord commented:-

“Following the decision by Dorothy Perkins not to renew their lease, I was pleased to secure a letting to Phones 4 U in a relatively short timescale at a rental in excess of that which the former tenant was prepared to offer and to an operator which is more likely to thrive in the current economic climate.”

A new landlord has acquired the FH Mall in Nottingham city centre, and is planning on giving it a new look – as well as reverting back to its original name of the Flying Horse Walk.

Advised by FHP, property investment and development group London & County (Nottingham) LLP has acquired the FH Mall from UBS Global Asset Management (UK).

The shopping arcade, which is currently home to stores including Vivienne Westwood, Atomic and Berketex, has been a fixture in Nottingham’s retail scene since it originally opened as a shopping centre in 1988.

Simon Blair of London & County, said: “We are constantly looking at investment opportunities all over the UK and the FH Mall was offered to us just before Christmas last year.  We feel the mall has huge potential. We have big plans for change and, as a starting point, we are intending to revert back to the old name of Flying Horse Walk, which is how it is best known.  We are also going to be revamping the look of the mall, both inside and out and we hope to be reinstating the iconic white horse on the Poultry Street entrance.  When the previous owners rebranded the mall, they tried to make it contemporary, but we feel it has not really worked and instead, the exterior looks very clinical. We now want to put our own stamp on it.”

The mall has already attracted a new retailer, George Thornton Art, which has moved from its previous base in Hockley.

Mr Blair said: “There are some really basic tactics that we have implemented immediately to attract new retailers. It has been as simple as finding the right letting agent and putting up vinyl advertising signage in the units offering them to let.

“These were things that weren’t being done before. In the short period of time since we took over, we’ve already attracted a new tenant in the shape of George Thornton Art, which proves that it works.

“We have also identified a number of other opportunities and hope to attract a café deli to one of the prominent vacant units. This will be very important for the walk, as it will create activity and increase footfall – which is vital for the retailers already there.”

The London firm is to convert two vacant floors above the arcade into student housing, comprising 16 rooms.

Mr Blair said “Footfall is better than people would probably perceive of the mall; we found that on our first visit in January when some of the tenants were too busy to speak to us as they were serving customers! January was not a particularly good time for retail in the city, so it was really encouraging to see that customers were still flocking to the centre.

“I see great potential for the mall now. When you look at Nottingham on the whole, the city has always been right up there on the retail rankings. Things have slipped over recent years, but with the current plans to update the Victoria Centre and Westfield, we now feel we have to up our game.

“We are right in the heart of the city, and we fit perfectly between the two big centres and can offer something different to our shoppers, such as independent retailers. We are really looking forward to launching the new look mall to the public over the coming months.”

Flying Horse Walk is being marketed by Nottingham property consultancy FHP. Ben Tebbutt, retail partner at FHP, said: “Flying Horse Walk deserves to be mentioned in the same breath as Bridlesmith Gate and The Exchange Arcade because it should be seen as one of Nottingham’s most discreet and upmarket retail locations.

“It perhaps hasn’t had the prominence it should in recent years, but I firmly believe that is going to change in the hands of a dynamic new landlord who clearly appreciates its potential.  Flying Horse Walk is an historic name, and it is a popular retail thoroughfare which already has a mix of iconic brands, such as Vivienne Westwood, and respected local retailers who inspire loyalty, such as Canopy.  Put that together with a range of art galleries and fashionable gift shops and you have what I believe is a major retail opportunity ready to be exploited.  The new landlord obviously sees it that way, and together we are ready to put Flying Horse Walk back on the map of must-see shopping destinations.”

One of the most prestigious names in perfume has moved into an upmarket location within Nottingham’s retail core.  Jo Malone, renowned worldwide for its fragrances, lotions and candles, has taken a boutique unit on Low Pavement opposite Paul Smith and close to Bridlesmith Gate, Nottingham’s most sought after retail pitch.

The deal was secured by Ben Tebbutt, Retail Partner at Nottingham property consultancy FHP, which has been behind some of the most high profile lettings in the city’s retail sector.

Jo Malone has taken a 10 year lease at £27,500 per annum on a building owned by landlord, Oakgate  Properties.

Ben Tebbutt said: “Jo Malone is a prestige brand which is an asset to the city’s retail offer, and I’m thrilled to have been able to secure a deal which puts them in a location which perfectly complements their proposition.  They are in one of the most sought after locations in the city, with period buildings and upmarket brands like Paul Smith, Carluccio’s and Jamie’s Italian and close to a raft of retailers on Bridlesmith Gate who operate at the same level and have a similar appeal.  Jo Malone have been looking to identify a site in Nottingham for a number of years, and their decision to launch now is an astute one as I suspect the site will become even more attractive once the redevelopment of Westfield Broadmarsh gets under way.”

He added “This may not be a large unit, but this is a significant addition to the ranks of prestige names in Nottingham, and I’m sure that the retailers around them are delighted to see a name like Jo Malone join them.”

Jo Malone took its name from the London-based skin care therapist of the same name, who launched a retail business after a client ordered 100 bottles of a hand mixed bath oil she made as a gift for her original 20 customers.  Her business grew into a prestige international brand renowned for scents, oils, lotions, soaps and candles.  Jo Malone sold the business in 1999 when it was bought by the international cosmetics brand, Estee Launder.

Tom Pain of Michael Howitz & Co acted on behalf of Jo Malone.

Derby’s Cathedral Quarter leading agent FHP Property Consultants acting on behalf of Clowes Developments (UK) Limited the are delighted to announce the letting of 3 – 4 Strand Arcade to Box Frame Design Limited.

The first floor offices which extend to 154m² (1,657ft²) have been let by way of a three year full repairing and insuring lease.  The offices are located on the Strand Arcade within the heart of the Cathedral Quarter giving excellent access to the City Centre and beyond.

Boxframe Design Ltd, a Derby-based firm are specialists in graphics, design and animation providing top quality solutions across the corporate and broadcast sectors. Their young, energetic, vibrant and creative approach has enabled them to establish a strong client base including local firms and high profile international brands. The new premises will allow them to continue their expansion plans adding bespoke editing and media suites as well as additional studio space to accommodate their growing team.

Kevin Cooney, Managing Director at Boxframe commented:

“Our passion for being at the forefront of the motion graphics industry has been integral to getting where we are today. The premises are the next step in allowing us to expand our service provision and access new and exciting markets. We asked FHP Property Consultants to source the new premises which are located in the heart of the City centre of which we can’t wait to move into! The style, layout and locality are perfect and we can’t thank FHP enough for their efficient, professional and friendly service”

George Dunnicliff, surveyor at FHP Property Consultants, who agreed the letting on behalf of Clowes Developments (UK) Limited commented:-

“It was particularly pleasing to have the property under off within six weeks of marketing.  The good quality office space will allow Boxframe to expand their business and offers a great location within the Cathedral Quarter with many shops, cafes, bars all within walking distance.  I wish Kevin and his team continued success for the future.”

Pictured left to right:  Kevin Cooney and George Dunnicliff

For further details on this letting or to discuss your property requirement further please contact George Dunnicliff at FHP Property Consultants.

Acting on behalf of Joint Receivers, FHP have sold the Trent Navigation Public House located close to Notts County Football Club.

The property has been purchased by Great Northern Inns for the sum of £287,500.

Ben Tebbutt commented:-

“The pub benefits from a large car park and outbuildings which have a planning consent in place for conversion to a micro brewery which resulted in a good level of interest.”

Great Northern Inns operate a successful chain of outlets including Copper and the Monkey Tree in West Bridgford and Cross Keys and The Approach in Nottingham city centre.

Les Howard of Great Northern Inns commented:-

“We are delighted to add the Trent Navigation to our portfolio of successful outlets.  We are going to use the upper floors as our office accommodation and will be brewing our own beer on site in the not too distant future.”

Acting on behalf of a private individual, Ben Tebbutt, Partner at FHP, has let 75 Melton Road, West Bridgford to Asiana Ltd.

Asiana have opened the premises as Nimboo, an upmarket Indian takeaway.

Ben Tebbutt commented:-

“West Bridgford is a popular location, properties such as this with an A5 (hot food takeaway) planning consent are rare therefore they are always going to attract a high level of interest.”

Jonathan Emmerson of HEB acted on behalf of Asiana who have agreed a new 15 year lease at a rent of £26,600 per annum.

Acting on behalf of a private investor client, FHP Property Consultants have secured a letting of 22-26 St Peters Street, Derby to Barclays Bank for a new flagship city centre branch.

The terms of the letting remain confidential but the premises in total contain approximately 9,000ft² over three floors and have been let on a 15 year fully repairing and insuring lease.

The transaction proved to be extremely lengthy and complex as it also involved negotiations to acquire vacant possession from Ilkeston Co-op Travel of number 26 in order to provide a sufficiently large ground floor area to accommodate the bank’s requirement.

The travel agent relocated into the Westfield Centre enabling their former unit and number 24-26 to be amalgamated to create approximately 4,000ft² on the ground floor.

Mark Bradley of FHP commented:-

“We are delighted to have been instrumental in securing this key letting in Derby city centre on behalf of our private investor client.

Marketing commenced back in 2009 when the former tenant at number 24-26 went into administration leaving our client with a vacant unit, and in order to satisfy Barclays space requirement, it was essential to combine the vacant shop with number 26.  This opportunity presented itself as the lease to Ilkeston Co-op Travel was due to expire in late 2010 and vacant possession was subsequently obtained on redevelopment grounds having already secured the necessary A2 planning consent on the entire property.

The building works to amalgamate the units have been completed and the property has been handed over to Barclays who are currently fitting out and the new branch is due to open later in the year.”

FHP acted jointly with Colliers CRE in representing the private landlord and Knight Frank acted for Barclays.

Cathedral Quarter’s Leading Agent FHP Property Consultants have completed the letting of 2-6 The Strand to Graham Penny Auctions. Acting on behalf of Clowes Developments (UK) Limited, FHP have secured a new three year lease of the 2,193ft² unit which enjoys an excellent corner position at the junction of The Strand and St James Street.

Graham Penny Auctions is the leading Property Auctioneer for the East Midlands and the recent letting sees them expanding to take their second premises in the City. Derby Based Graham Penny Auctions act on behalf of private individuals, charities and local authorities holding 7 auctions per year and sold a total of £32 million worth of property in 2010.

Senior Director Graham Penny of Graham Penny Auctions commented:

“We had been looking for additional premises for a while and had already viewed a number of properties. The premises on the Strand were the right choice given its prominent position within the City Centre. Since opening the new branch we have already seen an upturn in the number of visitors to the office and will be listing nearly 100 properties in our upcoming Pride Park Auction on September 1st.

We were extremely pleased with the manner in which this letting was dealt with by FHP and George kept us fully up to date with the progress of the letting. We are very much looking forward to the future in the new premises.”

George Dunnicliff, Surveyor at FHP, who agreed the letting on behalf of Clowes Developments added:-

“It was particularly pleasing to let this property within such a short period and to such a reputable local firm as Graham Penny Auctions. The property enjoys a prominent position within the Cathedral Quarter and will prove an excellent addition to Graham Penny Auctions retail position given their existing location on St James’ Street. I Graham and his team continued success for the future. “

Pictured from left to right, George Dunnicliff of FHP and Graham Penny of Graham Penny Auctions

For further details on this letting or to discuss your retail requirement please further contact George Dunnicliff at FHP Property Consultants on 01332 343 222.

Cardzone trading as Paper Kisses continue their expansion programme in 2011 with the acquisition of three new branches in Scunthorpe, Maldon and Kings Lynn.

The premises in Scunthorpe are situated at 55 High Street and were a former Paper Box unit containing 1,000ft² ground floor sales taken on a new 10 year lease at £45,000 per annum.

The unit at 70d High Street, Maldon was acquired following the administration of a local independent card retailer with the landlord obtaining possession prior to granting a new 10 year lease to Cardzone of the fully fitted and racked out former card shop at a rental of £18,000 per annum.

The Kings Lynn acquisition was another former Paper Box unit occupying a prime location at 81 High Street and was acquired on a new 10 year lease at a rent of £42,500 per annum.

Mark Bradley commented:-

“Cardzone now trade from 45 branches and are seeking additional stores to service the wholesale business they have recently acquired in Mansfield.  The expansion programme is concentrating on both the Midlands and the south east following the appointment of a new regional director based in Essex and further opportunities have already been identified which are being actively progressed.”

Details of suitable properties between 750-1,500ft² should be forwarded to Mark Bradley Email markb@fhp.co.uk, Tel 01332 224852.

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  

Alan Pearson, Associate Partner of FHP Property Consultants has agreed the letting of 48 St Peters Street to Greggs on behalf of SANLAM Limited.  This will represent Greggs’ fifth outlet within the city centre and fills in the gap between their Corn Market, Westfield and East Street stores. 

Greggs have taken a new ten year lease subject to a tenant only break at year five at a headline rent of £50,000 per annum exclusive.  The unit comprises approximately 966 ft² of ground floor sales plus ancillary accommodation on the upper floors. 

Alan Pearson of FHP commented:-

“The unit had been vacant for some time due to the relocation of La Senza into Westfield Derby and the economic climate and we are delighted to have secured tenants of Greggs’ quality in this prominent retail unit close to the entrance into Westfield Derby.”

David Vickstaff of Dexter Brown, managing agents on behalf of the landlord commented:-

“We are delighted with FHP’s efforts in marketing the property and to secure a tenant of gross covenant is a fantastic result”.

For further information with respect to this letting, please contact Alan Pearson on 07876 396 005 or alan@fhp.co.uk.

Once again I would like to express my gratitude to you and your firm for your instrumental work during this lengthy deal.

Acting on behalf of a private property landlord, FHP has negotiated terms with Heron Foods to extend their existing branch into the adjoining unit to double the size of the store.

A surrender of Heron’s lease of Unit D, 77-79 Market Place, Bulwell was completed simultaneously with the grant of a new lease on the combined Units C & D at a rental of £60,000 per annum on a new 10 year lease without breaks and subject to 9 months rent free period to allow Heron to undertake the amalgamation works.

Mark Bradley of FHP who handled the negotiations commented:-

“When Unit C became vacant following the administration of Ethel Austin, Heron Foods were quickly identified as having a requirement for an enlarged store to compete with Farmfoods and Iceland in Bulwell and therefore this opportunity was ideal for them to double the size of their existing store by securing the adjacent premises.”

FHP acted jointly with Rob Alston of Cushman & Wakefield and Heron represented themselves.

Cardzone Ltd t/a Paper Kisses has acquired premises at 6 Bank Street, Braintree by way of lease assignment from a local independent card retailer.

The premises, which comprise a ground floor only lock up shop unit of 706ft², are held on a 7 year full repairing and insuring lease expiring in August 2014 at a current rent passing of £20,000 per annum.

A reverse premium was paid by the outgoing tenant who had retired from the business.

The negotiations were handled by Mark Bradley who commented:-

“A situation arose to acquire the existing goodwill and a fully fitted and racked out card shop on favourable terms following the retirement of the existing tenant who was seeking to dispose of the leasehold interest.  Another card retailer had also recently closed in the town and the opportunity to capture market share was quickly identified by my clients.”

Cardzone continue into 2011 with their expansion programme extending further afield into East Anglia, the South East and Home Counties.

Cardzone Ltd t/a Paper Kisses continue their expansion programme with their first acquisition for 2011 being 74 Goodramgate, York.

The premises are a former Card Warehouse unit containing approximately 1,132ft² ground floor sales and were acquired on a new 10 year lease at a rent of £37,500 per annum subject to an initial rent free period.

Mark Bradley of FHP, who represented Cardzone, commented:-

“The property was still fitted out as a card shop with suspended ceiling and slat board panel walling which obviously reduced the shop fitting costs involved and it was ready for immediate trading subject to re-badging.

This is the first completion of a number of acquisitions in the pipeline for the first half of 2011 as the programme of steady expansion continues.”

Acting on behalf of a private vendor, FHP has negotiated the freehold sale with vacant possession of a small retail unit at 6 Carolgate, Retford for a price of £150,000.

The premises containing a ground floor sales area of 386ft² together with upper floors, had been vacant for over 12 months following the expiry of the former lease to a local newspaper.

Mark Bradley of FHP who represented the vendor commented:-

“The premises became vacant at the height of the economic downturn and there was very little interest on a leasehold basis.  Our client decided to offer the freehold for sale with vacant possession at an attractive price which generated interest from private individuals and a sale was quickly concluded with our client being able to re-invest the proceeds into another property purchase.”

The premises were sold to a local private property company who represented themselves.

Alan Pearson, Associate Partner of FHP is delighted to announce five new additions to the Westfield Derby Shopping Centre.

Grainger Games have signed a new 10 year unbroken lease for SU132 on the ground floor Debenhams Mall.  The unit comprises of approximately 867 ft² and has been let subject to five yearly rent reviews.  This represents the fourth store acquired in the East Midlands for the expanding north east retailer following recent openings in Sutton in Ashfield, Chesterfield and Worksop.

Ilkeston Coop Travel have opened in SU119, comprising of 1,388 ft² on the ground floor Debenhams Mall, relocating from St Peters Street to facilitate the opening of Barclay’s new flagship store at 22 – 26 St Peters Street.  Ilkeston Coop Travel have signed a new ten year lease, subject to five yearly rent reviews. 

Crawshaw’s Butchers, a Yorkshire based family butchers have taken 8 Cope Castle Square, comprising of just over 4,000 ft², located between the Eagle Market and Sainsbury’s and opposite the entrance from the basement car park.  The letting further enhances the food offer within the scheme, following the letting to Iceland in 2010.

The letting to Crawshaw Butchers represents the first letting to a butcher’s within Westfield’s UK portfolio, which are more commonly found in their Centres throughout Australia.

Penmark Cards, trading as Aroma have opened in SU154 located on the ground floor between the M&S and Debenhams Department Stores.  Aroma provide a mix of giftware, including brands such as Yankee Candle and Bomb Cosmetics.  Penmark Cards are a family run business who have been trading for approximately 26 years, based in Derby and this represents their first pure giftware store.

Card Factory has taken SU140, located on the ground floor M&S Mall, opposite WHSmith.  This represents Card Factory’s second store within the City and comprises of approximately 2,922 ft². Card Factory have taken a new ten year lease, subject to five yearly rent reviews.

Alan Pearson of FHP commented:-

“We are delighted with the continuing interest in Westfield Derby and to secure a number of lettings in the first quarter of 2011.  We have a number of further deals under offer from regional and national multiple retailers hope to announce these shortly.

The centre continues to perform well, attracting 25 million persons per annum and is 98% let.” 

For further information or to discuss opportunities within the Westfield Derby Centre, please contact Alan Pearson of FHP on alan@fhp.co.uk or 07876 396 005.

FHP and Central Retail are joint letting agents for Westfield Derby.

END

Ben Tebbutt, Partner at FHP has been elected to become a committee member of the Shop Agents Society.

The Shop Agents Society was established in 1985 and is a group set up to assist in the day to day business of lettings, sales, acquisitions, valuations, rent reviews and lease renewals of all high street and shopping centre properties throughout the UK.

The Society organises a number of events throughout the year for social, educational and business purposes.  The SAS, as it is often referred to, recently organised a questions and answers session with high profile guests including Amanda Heron of New Look, Richard Akers of Land Securities, Ciaran Bird of CBRE, Ed Jenkins of Standard Life Investments, Jeremy Collins of John Lewis and Tom Meger of Primark and was chaired by Damien Wild, Editor of the Estates Gazette.

The SAS also organises an annual golf day together with CPD seminars, quiz nights, APC surgeries and a Christmas dinner which is attended by up to 1,000 people.

Ben Tebbutt commented:-

“I was delighted to be invited to be a committee member of this well regarded establishment.  Traditionally this has been dominated by London retail agents and therefore it is not only recognition of the work that we do at FHP but also the strength of Nottingham and the amount of quality retailers that we have within the city.”

Steve Young, a colleague of Ben Tebbutt commented:-

“We have supported the SAS for a number of years and I have been involved with the SAS football team which plays regularly.  I am sure that Ben will bring his enthusiasm and knowledge to the organisation and I know that he already has his eye on being a future chairman!”.

Betfred have added another branch to their stable of betting shops with the acquisition of 141 High Street, Kings Heath, Birmingham.

The ground floor only premises occupy a prominent corner location within the prime retail pitch containing a sales area of approximately 958ft².

A lease for a term of 10 years was taken at a rental of £47,500 per annum.

Mark Bradley of FHP who represented Betfred, commented:-

“The property was identified following a recent visit to Birmingham with the deal being successfully secured in a competitive bids situation with another major bookmaker.  Contracts were exchanged very quickly within a matter of days and the lease was completed following receipt of A2 planning consent and a betting licence.”

Betfred’s nationwide expansion programme continues and they now trade from 843 branches.

Details of any suitable units containing between 1,000 – 1,500ft² ground floor sales should be forwarded to Mark Bradley at markb@fhp.co.uk, Mobile 07887 787884.

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     

Chris Lunn of FHP has agreed a letting to Fred Waters, a Putting on The Glitz franchisee who is setting up the shop on his own and trading as Glamour.  Glamour took occupation in mid-November just in time for the Christmas trade.

The deal agreed was a three year deal at £16,000 per annum, with a break clause after 18 months.  This breaks down to a Zone A figure of £45.16, which is very competitive for Carolgate, Retford. 

Chris Lunn of FHP commented:

“Fred Waters in the past has shown that he has a good business acumen and will no doubt be an excellent tenant for 24 Carolgate.”

The letting to Glamour is the second letting on Carolgate in successive months, with another under offer, showing that things are improving and there is demand out there for the market towns. 

For more information on this deal or any other properties we have on the market, please contact FHP on 01159 507 577. 

FHP the Cathedral Quarters preferred agents are delighted to announce the continued success over the last year having seen a reduction of 17.8% in vacancy rates to 10.45% from Spring 2009 to Autumn 2010. Over the last year FHP have completed 6 new lettings within the Cathedral Quarter with a further 2 shops under offer and due to complete shortly.

Sadler Gate has seen a great deal of activity in the last year with new start up companies such as Lou Lous Café, and Wonky Table Bistro and Lancaster and Thorpe a national chain of opticians taking new premises in the street.

FHP believes in being proactive as it is the key element to any deal and especially in the current market.A key letting through this approach was at 8-9 Sadler Gate where FHP initially secured a 6 month Licence to Scraggy and Finch, a jewellery and accessorise shop which has enabled them to test the market and location. After a successful 4 months we are now in negotiations to convert this into a full lease.

2011 presents both a challenge and opportunity in the Cathedral Quarter with the new VAT rise, impact of public sector cuts and the general increase in commodities, however despite this the resurgence of the Cathedral Quarter presents an excellent opportunity for retailers.

FHP are currently marketing a number of Retail and Leisure opportunities in the Cathedral Quarter and Derby City Centre.  To discuss your requirement or for further information please contact George Dunnicliff, Mark Bradley or Alan Pearson on 01332 343222.

Photographed left to right: Mark Bradley, Alan Pearson and George Dunnicliff

Manchester based bookmakers, Betfred, have retained FHP to acquire new branches for the company throughout the East Midlands, West Midlands, Yorkshire and East Anglia regions.

Betfred are the country’s largest independent bookmaker with an annual turnover of £3.5 billion trading from over 850 branches and aiming to have 900 shops open by 2011.

Mark Bradley, who is handling the instruction, commented:-

“I have enjoyed a long association with Betfred over several years assisting with their acquisition programme and I am delighted to be involved with the continuing expansion programme throughout the Midlands region.

The relaxation of the gaming legislation in 2007 has opened up more opportunities for bookmakers to compete with each other in High Street locations and the consolidation within the financial services industry is resulting in a greater number of properties with A2 consent coming onto the market.  These two factors are the rationale behind the drive for more new branches.”

Details of suitable properties with a minimum sales area of 1,000ft² with A2 planning consent or the prospect of obtaining such consent should be forwarded to Mark Bradley email markb@fhp.co.uk, telephone 01332 224852.

St Mark’s Place Shopping Centre, in Newark on Trent has gone from strength to strength this year, with a number of high profile lettings being conducted.

Jonathan James took the former Shoe Express unit which extends to approximately 3,700 ft² at ground floor.

Alworths are currently fitting out Unit 13/14 which was formerly occupied by Ethel Austin. This will be their first store in the East Midlands, and they were delighted to secure such a strong location.

In addition H Samuel has recently opened the former Bay Trading unit, and is proving to be a fantastic addition to the tenant mix of the scheme.

Past Times have taken the former Stead & Simpson unit (with the lease being completed back to back with a surrender to Stead & Simpson in early November).

Finally the last remaining unit has now been let to Herbert Brown Jewellers.

Steve Young of Fisher Hargreaves Proctor commented:-

“Newark on Trent is a strong market town, with a good quality demographic and catchment. We have found that once retailers have inspected the scheme, they have been eager to agree terms and secure representation within the town. I am delighted at the recent additions to the centre, which are all house hold names, and add further weight to the already impressive tenant line up. We will shortly be marketing a cafe opportunity to anchor the scheme, creating additional dwell time.”

Alison Stewart of Oakgate Group plc (the landlords) commented:-

“We are very pleased to welcome five new national high street names into our Centre, recognition of persistence & hard work by our letting team to meet our objectives going forward to ensure we have no retail voids this Christmas. This has been achieved through alterations and development recently completed, to make St Mark’s a better Place for shopping.”

Warwick, Wellingborough and Wickersley are the latest acquisitions for Cardzone Ltd t/a Paper Kisses as their expansion programme continues in the run up to Christmas.

The acquisitions at Wellingborough and Wickersley near Rotherham were acquired on new 10 year leases at rentals of £27,000 per annum and £20,000 per annum respectively together with incentives.

Warwick was an acquisition of an existing business in the town with the lease being assigned from the existing tenant at a current rent passing of £17,000 per annum.

Mark Bradley, who acted for Cardzone, commented:-

“These 3 acquisitions bring the total number of branches to 35 with further properties currently in solicitors hands and an ongoing expansion programme into 2011.  A small number of branches are currently occupied on short term licenses to test the trading location prior to a potential conversation to a permanent lease in the New Year.

Cardzone continue to show steady profit growth through a gradual programme of strategically located acquisitions providing a strong regional multiple covenant for potential landlords.”

Details of any suitable properties of between 750 – 1,000ft² ground floor sales within a 2 hour drive time of Nottingham should be forwarded to Mark Bradley, email markb@fhp.co.uk, telephone 01332 224852.

Acting on behalf of Carol Harvey Estates, Steve Young of Fisher Hargreaves Proctor sold 15 Low Pavement, Nottingham to the Private Pension Fund at a price of £325,000.

The premises are subject to an existing lease to Miller Harris, who have approximately 8½ years remaining at a rent passing of £20,000 per annum.

This represents a net initial yield of 5.88% after allowing for the usual purchaser’s costs.

Steve Young commented:-

“Following the relocation of Carol Harvey Estates FHP was instructed to seek a new tenant in 2008. Having completed the letting in 2009, it is with great pleasure that we have now been able to sell the investment on behalf of our clients.”

Alan Pearson, Associate Partner of Fisher Hargreaves Proctor, is delighted to announce a further letting in Westfield Derby to Iceland Frozen Foods.  This represents the 20^th deal concluded within the scheme this year, which demonstrates the continuing interest in Derby as a retailing location.

Iceland has taken an amalgamation of 27 and 29 Albion Walk, situated in close proximity to Sainsburys and the Eagle Market.   The Iceland store comprises of 9,726ft² and has been let on a new 10 year lease with the store scheduled to open on 24^th November.

Alan Pearson of FHP commented:-

“The letting to Iceland Foods represents a good addition to the food provision within Derby and Westfield Derby in particular.  The addition of Iceland should drive footfall on this mall, which is already one of the busiest and already benefited from the opening of Derby Bus Station in March, only a 3 minute walk from the Albion Street entrance.”

For further information on retail opportunities within Westfield Derby, please contact Alan Pearson on 0115 8411138 or email alan@fhp.co.uk.

Fisher Hargreaves Proctor and Central Retail are joint letting agents for Westfield Derby.

FHP have completed the high profile purchase of the flagship Lloyds Bank on Low Pavement, Nottingham.  The property has been purchased for the pension fund of the Wetherby based property company, Oakgate Group Plc for £3.1m.

Ben Tebbutt, Partner at FHP commented:-

“The property is let to Lloyds Bank with 11 years remaining on the lease.  The property benefits from secure income from Lloyds who are currently paying £170,000 per annum with a lease expiry in June 2021.

The location will only get better with both Jamie’s Italian and Carluccio’s due to open after Christmas together with Westfield’s proposed redevelopment of the Drury Walk Broadmarsh entrance.”

John Grantham, CEO of Oakgate Group Plc, commented:-

“We are delighted to again invest in Nottingham and further develop our relationship with FHP.  They sold the HSBC investment on Clumber Street for us last year for just under £11m and they are our retained agents in respect of the St Marks Shopping Centre in Newark.”

Ben Tebbutt added:-

“Through our detailed knowledge of this property and the retail market, we were able to provide a full appraisal for our clients who realised the potential in this greatly improving and fashionable location.  Exchange of contracts took place within one week and 5 days of the client’s inspection.  They then purchased the adjoining property on Low Pavement which will be marketed by us in the very near future and adds significant value to their holding.”