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Investment News
FHP acting on behalf of Willmott Dixon have sold Units 1, 2 and 3, The Wells Road in St Ann’s, Nottingham.
The 3 retail units form part of a retail and residential development undertaken by Willmott Dixon on behalf of Nottingham City Council.
The site sits opposite the Medical Centre on The Wells Road and comprises 3 retail units at ground floor with customer car parking.
Unit 1 is let at a rent of £30,000 per annum to One Stop Convenience Store which is part of the Tesco Group, who are now open and trading. Units 2 and 3 are vacant and being marketed by FHP at rents of £10,000 and £10,500 per annum. Both are now “Under Offer” to multiple retailers.
The investment was sold by David Hargreaves of FHP at a price of £490,000, who confirmed that once fully let the development is likely to show the Pension Fund a yield of 9%+.
FHP have been retained to manage the property.