FHP SELL TESCO AND MEDICAL INVESTMENT FOR £6.85 MILLION

Investment News

David Hargreaves of Fisher Hargreaves Proctor, acting on behalf of Richard Saville, LPA Receiver on behalf of Yorkshire Bank of Chek Whyte Industries, has completed the first sale of the £20 million portfolio.

The property at 62/64 Long Row & 77/79 Upper Parliament Street in Nottingham has been sold to clients of Invista Real Estate Investment Management at a price of £6.85 million.

David Hargreaves, who handled the sale, confirmed that the property comprises a retail unit of approximately 5,000 sq ft let to Tesco, a medical centre of approximately 25,000 sq ft let to NetCare and NEMS Limited and a vacant retail unit which is likely to be a pharmacy in due course.

The price of £6.85 million represents a net initial yield for the purchaser of 6.9% off an income of £500,000 per annum rising to £525,000 in 3½ years time.

Richard Saville, the appointed LPA Receiver, said; “Taking into account the current economic conditions, I am delighted with this particular outcome. A significant amount of work was put into achieving this sale. The fact that a national organisation purchased this property demonstrates belief that the local economy is still reasonably buoyant”.

Lambert Smith Hampton’s London Office acted on behalf of St James’s Place APUT c/o Invista Real Estate Investment Management, with Addleshaw Goddard’s Leeds Office acting on the legals on behalf of Richard Saville.

David Hargreaves commented: “We have a number of other buildings within the portfolio “under offer” and we are hoping to make more announcements in respect of sales in the coming weeks.”