ANOTHER RESIDENTIAL INVESTMENT SALE FOR FHP

Investment News

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