FHP ACQUIRE FCUK INVESTMENT FOR CLIENTS IN OFF MARKET DEAL

Investment News

FHP acting on behalf of Shoby Properties Limited have completed the “off market” acquisition of the FCUK store on Victoria Street, Nottingham.

David Hargreaves who introduced the opportunity and negotiated the acquisition said:

“The FCUK Building is a stunning building internally and externally and was in the past owned by the old Midland Bank.

I originally let the unit to FCUK many years ago and I can remember Stephen Marks, the owner of FCUK, saying to me on site “I love a building that adds value to my product” which it certainly does and I know they have always traded well from this clever location just off Bridlesmith Gate.”

FCUK trade from 3,000 sq ft at Ground Floor with 1500 sq ft of Basement Stores.  The rent passing is £150,000 per annum.

The 2 upper floors, which provide 5,000 sq ft of accommodation and have been vacant for 25 years, now have Planning Consent for the development of 14 Studios.

Sam Shelton of Shoby Properties Limited said:

“The Building is very special and we will restore the upper parts to create some great apartments.  With the high floor to ceiling height and large windows, the apartments when finished will be more akin to the sort of apartment found in Paris than Nottingham and of course the location is amazing.

The property was sold by George Capital at a price of £2.55 million.

Ben Young of George Capital said:

“David Hargreaves approached us, off market, on behalf of his client, Shoby Properties.  We have worked with David over the years and were therefore comfortable to engage with him on this sale.  Shoby performed quickly, and I am delighted with the outcome.  The property was acquired by George Capital’s first fund in 2014, and the sale has resulted in my investors doubling their equity.”

David Shelton of Shoby Properties said:

“As a private Nottingham family property company we are keen to buy “Trophy Buildings” in Nottingham, particularly where there are development angles as well.  This purchase follows our acquisition of a similar building on Wheeler Gate and an office portfolio next to The Park Estate.”

Peter Dilks and Rachel Kent of the Nottingham office of Shakespeare Martineau acted with FHP for Shoby Properties Limited.  George Capital represented themselves.  Rob Spencer’s team at FHP will manage the property for Shoby Properties.

END

 

David Hargreaves

Date:  11 May 2018