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Industrial/Warehouse News
In February 2024 my client acquired through Auction Estates a 1.828 acre site of hardstanding land in Colwick, Nottingham.
The site was purchased from the Local Authority and was producing a rental income of circa £20,000 per annum across three leases. The site was located at the end of Little Tennis Street on the White City Trading Estate and was let to Tarmac Trading Limited and Impact Accident Repairs.
My client engaged with me prior to the auction and then instructed FHP once the purchase was completed to renegotiate all of the leases due to them all having to expired.
Anthony Barrowcliffe of FHP commented:
“I am delighted to announce that we have agreed two leases with the existing tenants of this hardstanding land site on the White City Trading Estate in Colwick, Nottingham where we have tripled the annual rent.
This transaction demonstrates that as agents we advise in lots of different ways and help to add value wherever we can. We understand the market and I am delighted that I could assist my client from the initial purchase to the completion of these lease renewals.
By renegotiating the rents on these leases we turned this site into a very nice investment which will sit nicely in my client’s portfolio.
Hardstanding land is very much the ‘flavour of the month’ and I have other sites like this in other locations.”
For further information on this transaction or how FHP can help you with your property matters, please contact Anthony Barrowcliffe of FHP on 07557 972008 / anthony@fhp.co.uk.