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Investment News
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