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Investment News
David Hargreaves of Fisher Hargreaves Proctor acting on behalf of a Nottingham based property company has negotiated the acquisition of a prime retail investment on Clumber Street – reputedly one of the busiest shopping streets in Europe off a yield of 7%.
The property at 36-40 Clumber Street is let to Abbey National and Aldo, the European footwear retailer and delivers a rent of £437,500 per annum.
David Hargreaves said: “There has been a window of opportunity for the private property company/high net worth individual to buy 100% prime retail stock that has primarily been the domain of the institutions at yields not seen for the past 20 years. We have been advising our clients to take advantage of these opportunities and the acquisition of the Abbey National/Aldo is another successful acquisition.
Over the past 20 years yields on Clumber Street have averaged around 5% and yet we have managed to purchase this one off an initial yield of 7%. It is a modern building in a superb location and one that I have no doubt will perform over the years to come.”
David Hargreaves went to say that not only is it a great acquisition for his clients, but it was also a great “Nottingham performance”.
"We were up against 2 other cash bidders and were able to introduce to our clients Tim Corthorn at NatWest who was able to provide bank funding within one week. NatWest in turn brought in the Nottingham office of King Sturge who turned the valuation around quickly, as did Freeth Cartwright, who provided the legal advice to the Bank. In the meantime working with Graham Green of Fraser Brown, we were able to exchange contracts within a week of receipt of the legal documentation. We have worked with Fraser Brown now on 3 similar investments and on each occasion they have performed extremely quickly in what is surprisingly a very competitive market at the moment.”
FHP will now manage the investment for their clients. The landlords, Aviva UKGI Investments Limited, were represented by the London office of Savills.