FHP SALE SHOWS WEST BRIDGFORD MARKET IS STILL STRONG

Office News

FHP are pleased to announce the sale of 29 Bridgford Road, a 4,028ft² office located in a prominent position close to Pizza Express and Caffé Nero, which enable FHP to celebrate another successful deal within the West Bridgford area.

James Hartley of FHP commented:

“The West Bridgford market is really strong at the moment across all sectors of the property market.  We have seen a spate of recent deals all within close proximity to each other.  You just need to look at Bridgford Road itself where you can see this sale completing at nearly £150 per sq ft.  Next door the restaurant Escabeche opened in October where we saw an unprecedented level of interest concluding in a best bids process.

On an industrial front at the popular Nottingham South and Wilford Industrial Estate we have recently completed at 30,000ft² freehold sale.  Not a million miles from here in Edwalton we have also recently completed nearly 10,000ft² of lettings at Wheatcroft Business Park.

Elsewhere a rent review carried out by FHP on Central Avenue saw a 16% increase in rent on the rent agreed 5 years ago.

Focusing on the office sale at 29 Bridgford Road we had a good amount of interest in this property, a substantial amount of this was on a restaurant front, however, we were unsuccessful on planning consent for this use.  Within days of the unsuccessful appeal and the property going back to the market we were still able to go to a best bids situation for an office use.  This demonstrates that there is still a great deal of interest in West Bridgford.”

Roger Leach of The Nottingham Friendly Society, the vendors, commented:

“We were so disappointed to have missed out on the restaurant sale due to planning, however, on the plus side FHP’s excellent advice and strategy meant that were able to go to a best bids situation on an office front within days of the news.  Here we are just a short while later with a completed sale to Kevin Mansworth.  I understand Kevin is planning to occupy part of the building himself and market the rest of the building and wish him all the best in his future business at the site.  Our thanks go out to FHP for their involvement in this property which spanned a number of years both with short term lettings and a disposal strategy.

The sale marks the end of a long chapter in the near 200 year history of the Nottingham Friendly Society.  It was taken over last December by the Manchester based Independent Order of Oddfellows, Manchester Unity Friendly Society, who have taken over the administration of the business formerly based in West Bridgford.”

James Hartley further commented:

“I have dealt with a number of properties in West Bridgford and surrounding areas over the past 6-7 years and through that time it has always performed well, in large part due to its location within an affluent residential area but also because of its proximity to local amenities and accessibility from road and public transport.”

The purchaser,  a private individual, commented:

“I have had my eye on this opportunity for some time and I was disappointed when I heard that building was moving forward for a restaurant use, however, the outcome of the planning appeal gave me a second opportunity to purchase this building and I was happy to jump at it.  It is my intention to occupy part of the building with a number of different firms that I am currently working with and it is also my intention to let some vacant space out within the property. 

I think West Bridgford is an excellent area to be purchasing property of any kind in and I expect to see this building performing extremely well in the future and I would like to thank everyone at the Nottingham Friendly Society and FHP for their help in concluding this successful transaction.”

If you require any further information please contact James Hartley at Fisher Hargreaves Proctor on 0115 9507577.