Midlands Property Advisor of the Year, Fisher Hargreaves Proctor (FHP) has been appointed by Clowes Developments to let 47 Queen Street, Derby, the shop previously occupied by Peak Store outdoor adventure outlet.

This prime position on the edge of Cathedral Quarter and the city’s main shopping district offers 3,400 square feet of retail space and is on the market for a rent of £35,000 per annum.

Phil Daniels, partner at FHP said: “Queen Street is an excellent opportunity for retailers. Located within the inner ring road and within easy walking distance from major car parks serving city centre shoppers, this unit represents a rare opportunity. The property stands to benefit from the proposed Cathedral Quarter redevelopment, which will create a new business district in the heart of the city centre.”

For further information please call 01332 343 222 or visit www.fhp.co.uk

Alan Pearson, Associate Partner at Fisher Hargreaves Proctor has let 3a Station Road, Ilkeston on behalf of Gladstone Properties to Tracy Williams.  Tracy is taking a new 10 year lease, at a commencing rent of £7,000 per annum exclusive for the premises, which comprise of 394ft².

Alan Pearson of FHP commented, “My client Gladstone Properties recently refurbished the premises fronting both Station Road and Bath Street, Ilkeston’s principal shopping street.  This development created 4 retail units, together with residential accommodation to the first and second floor.  The development is now fully let with the letting of 3a Station Road, following recent lettings to A Foot Above Chiropodists, Strutt Footwear and Andrea Welsher.

The work undertaken by Gladstone Properties was done to a very high standard and as such has led to the relatively short time it has taken to dispose of the retail units. This has meant the development has differentiated itself from a number of other vacant properties in Ilkeston Town Centre, of which most are in a dilapidated condition and require substantial investment.  As such there are only a limited number of parties in the marketplace, which can undertake these works.  It is a testament to the work that Gladstone Properties have carried out and we have been able to let all 4 units, following a relatively short marketing period. 

Alan Pearson, Associate Partner of Fisher Hargreaves Proctor has agreed the letting of 9 Bridge Court, Worksop to Café Neo on behalf of The Lamba Pension Fund.  Café Neo have taken a new 10 year lease, subject to 5 yearly rent reviews with a commencing rental of £30,000 per annum exclusive.  The unit comprises of 2,774ft² on the ground floor, with first floor storage accommodation of 2,666ft². 

Alan Pearson of FHP commented, “The subject premises became available following Toymaster falling into administration last year.  We received a good level of interest in the property and were able to secure a letting to Leo Kaponas t/a Café Neo.  Leo currently trades from 5 units within the town and knows the market well.  We wish him success with this operation.”

The premises are situated in the immediate vicinity of The Priory Shopping Centre and the main vehicle entrance into the town.  The Priory Shopping Centre is currently undergoing a redevelopment to provide a 70,000ft² extension in place of the former Kwik Save, and part of the surface car park.  Fisher Hargreaves Proctor are also acting as joint agents on this development and  are in discussions with a number of multiple retailer to take units in the scheme.  Should you require any further information in respect of opportunities in Worksop then please do not hesitate to contact the FHP Retail & Leisure Team on 0115 950 7577.

Alan Pearson, Associate Partner of Fisher Hargreaves Proctor has agreed the restructuring of the lease on 25-27 King Street, Nottingham, on behalf of LaSalle Investment Management.  French Living have been located at 27 King Street for a number of years and have taken additional space at 25 King Street.

The lease has been restructured on a new 10 year lease for the entirety, subject to 5 yearly rent reviews at a commencing rent of £37,500 per annum exclusive.  The premises comprise of 2,466ft².

Alan Pearson of FHP commented, “25 King Street became vacant following Paul Davey’s (now Richard Watkinson) relocation to new premises at Market Street.  We were aware that French Living’s lease was approaching the end of the term and that they only had relatively small ground floor accommodation.  This  presented the ideal opportunity to re-structure their lease and provide my client with better terms for their investment.”

The retail accommodation within The Elite Building is now fully let by Fisher Hargreaves Proctor, following the letting of 25 King Street.  FHP have recently let two units on Queen Street to the Soulville Steakhouse and the Beauty Temple.

Alan Pearson, Associate Partner of Fisher Hargreaves Proctor has let 24 King Street, Nottingham on behalf of Private Investors to an independent sandwich and coffee shop operator.  The premises comprise of 554ft² and is let on a 15 year lease, subject to 5 yearly rent reviews at a commencing rent of £27,500 per annum exclusive.

Alan Pearson of Fisher Hargreaves Proctor commented, “The premises occupy a good secondary position, within Nottingham City Centre.  The property has benefited from the relocation of the bus stops from The Old Market Square to Upper Parliament Street.  This has led to an increase in footfall as pedestrians “cut through” King Street to the southern side of the City Centre, which will benefit this operator.  The transaction devalues to a Zone A rent of £71.57 per square foot, an increase on the previous Zone A rent for the parade of £62 per square foot, thus creating good evidence for the future rent reviews of my clients investment.”

Alan Pearson of Fisher Hargreaves Proctor has let 41-43 Mansfield Road, Daybrook on behalf of George Akins to NU Trading.  NU Trading have taken a new 10 year lease at an average annual rent of £14,900 per annum exclusive, subject to 5 yearly rent reviews and tenants only break clause at year 5.  The premises comprise of a ground floor sales area of 1,408ft² and a basement storage accommodation of 311ft².

Alan Pearson of FHP commented, “The incoming tenant NU Trading was attracted to this location, due to its proximity to the Madford Retail Park, B&Q and Blazing Fireplaces, which complemented their furniture offer.  The letting is the final phase of my clients redevelopment of 41-47 Mansfield Road, which comprises of 2 retail units and 4 flats to the upper floors.”

St Peter’s Gate, in the heart of Nottingham’s city centre, is to be the new home of leading leisurewear retailer Fat Face, thanks to a deal secured by Midlands Property Advisor of the Year, Fisher Hargreaves Proctor (FHP).

Moving from its previous location on Pelham Street, the store will more than triple in size (from 500 sq ft to 1,800 sq ft) when it positions itself amongst the likes of TM Lewin, Molton Brown, Hugo Boss in an area which is fast-becoming an extension of the premier fashion street, Bridlesmith Gate.

“Fat Face has had a shop in Nottingham for the past 10 years and as a company, now has over 100 nationwide”, said Ben Tebbutt, FHP.  “Fat Face’s expansion within Nottingham has been fuelled by the success of its existing store and the recognition that the city is ranked as one of the top four retail centres in the country*.

“Fat Face’s nearest outlets are 20 miles away in Leicester and 30 miles away in Sheffield so this increased investment in Nottingham will help to expand the company’s customer base across the region – as well as work to attract other shoppers into Nottingham.”

The new shop will be on the site of the former Savills Estate Agency office, now relocated to One Fletcher Gate – an area which is seeing high levels of new development including The Pod and Lace Market Square. Ben Tebbutt, who negotiated the deal as joint agent with Savills, said: “Two years ago St Peter’s Gate was not a strong retail pitch, but over the past couple of years our lettings to Vidal Sassoon, Hugo Boss, TM Lewin and Molton Brown have made this part of the city an ideal location for those retailers seeking a retail outlet just off the prime pitch.

“Fat Face has been able to secure a unit with potential sales area of 3,274 sq ft for a rent of just £100,000 per annum.

“Savills had identified a site for relocation, in the heart of an up and coming area of the city. Their previous site on St Peter’s Gate was a valuable location in terms of retail and given Fat Face’s need to expand we saw this as a prime opportunity.

“More than half a billion pounds is currently being invested into Nottingham retail market and there are far more shops wanting to expand within, or move to, the city than locations will allow for. Fat Face has invested in a strong period of growth and can only support Nottingham’s position as a leading UK retail centre.”

Fat Face’s new St Peter’s Gate shop is scheduled to open in early November and is currently recruiting for staff at all levels.

FHP is the retained agent for Westfield on the Broadmarsh shopping centre, JSR Properties on The Glasshouse and Bildurn Properties on The Pod at Fletchergate and, on Lace Market Square. For further information visit www.fhp.co.uk

*Figures taken from Experian Retail Vitality Study.