Investment News

FHP acting on behalf of a private family have completed the sale of 38/40 George Street/22a Lower Parliament Street at a price in excess of the quoting price with the help of Russell Thompson of Massers.

The 3,900 sq ft property has been in the family for many years and is occupied by DG Cars and a Nail Bar at Ground floor with 2 floors of offices above, one of which is vacant. The current Income is £31,900 pa.

David Hargreaves of FHP who handled the instruction confirmed a sales price of £425,000 was achieved against the asking price of £400,000, and that from first inspection to completion took just 14 weeks.

Hargreaves said: “We targeted our marketing at both Investors and Developers alike as the property provided not only a well-established income stream but also had opportunities to add value through the conversion of the upper floors to student accommodation or apartments together with scope to add one or two more floors, subject of course to securing the appropriate planning consents.

The Vendor said: “We are absolutely delighted with the advice from David and his team at FHP, they did everything they said they would, their deep market knowledge and clever marketing generated a lot of interested parties from day 1 and we achieved a price in excess of our aspirations.

Furthermore the sale was completed a lot quicker than expected – really excellent work by both FHP and Massers.”

ENDS

David Hargreaves

7^th June 2023

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