FHP…. A HIT ON BROADWAY

Leisure News

Acting on behalf of Newdigate Properties Limited, Steve Young of Fisher Hargreaves Proctor has sold the long leasehold interest of 32a Stoney Street, Nottingham to a private investor who intends to re-open the premises as a Karaoke Bar.

The long leasehold interest had approximately 115 years remaining, and a price of £595,000 plus VAT was agreed.

The premises benefit from an existing premises licence for the on sale of alcohol until 3am.

Steve Young of Fisher Hargreaves Proctor commented:-

“The Broadway area of the Lace Market has undergone a significant period of change over the last four years. During this time, a number of venues have ceased trading with newer venues such as Coco Tang pulling the pitch closer towards the Weekday Cross area. Over the last twelve months we have seen a reversal of fortunes with lettings being concluded to Prohibition, Fuel Bar, and the imminent letting of the former Faces Nightclub and Bluu Bar. This can be attributed to the fact that licensed premises with A4 or Sui Generis planning consent are still few and far between in Nottingham city centre. In addition, operators now perceive that the Lace Market offers value for money at present.”

Alex Nix of Lambert Smith Hampton represented the purchaser in this transaction.