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Property Management News
FHP are pleased to announce that they have completed on behalf of their retained clients, Lamba Trading Company, the purchase of the above mixed use neighbourhood scheme. The development was put together by Henry Boot Developments advised by Jonathan Emmerson of HEB.
The scheme, which was completed in November 2009, consists of 8 retail units totalling approximately 12,200ft², a KFC Drive Thru, a Marstons Public House, a 92 place day nursery and an 8,000ft² play centre along with a 0.2 acre plot of land that is yet to be developed for retail or associated purposes.
The development produces a current income of £178,000 per annum with the potential to add further income with the development of the vacant site for retail purposes, and was purchased for an undisclosed amount.
The scheme is set within landscaped grounds along with the public art installation and benefits from a large number of on site car parking spaces.
Noel Roper of FHP advised the Lamba Trading Company in the acquisition and will be involved in the ongoing development of the vacant site. At the same time FHP are pleased to announce that they have been instructed to manage the mixed use neighbourhood scheme on behalf of the clients.
David Powell, Associate Partner within the Property Management Department of FHP comments: –
“We are delighted to take on board the management of this property on behalf of a client whom we have acted on behalf of for over 20 years. We believe this development is of significant local importance. We are really looking to creating opportunities to enhance the asset value of the scheme and the benefit of the local community.”
Michael Lamba of Lamba Trading Company commented: –
“FHP are our retained agents in the Midlands and we have worked with them for over 20 years. When Noel introduced this deal to us we came down, had a look, and put an offer in within 24 hours. FHP are always actively introducing us to properties and we are delighted to have completed this deal.”
FHP will be administrating the service charge budget, and dealing with day to day landlord and tenant matters.
Noel Roper further commented that;
“We were pleased to act and be able to secure this investment on behalf of our long standing retained clients the Lamba Trading Company. It compliments their portfolio of a number investments managed by us within the East Midlands area. We were particularly attracted to this development by the diversity of the tenants, the presence of the Marstons Pub, KFC Drive Thru and directly opposite a major ASDA store and further residential developments in the immediate vicinity undertaken by Barratt developments.”
Jonathan Emmerson of HEB comments: –
“Sandlands Court is another quality commercial scheme developed by Henry Boot Developments. The scheme was placed under offer within 3 weeks of formal marketing commencing and both parties were delighted that the sale proceeded smoothly. Henry Boot is one of HEB’s most valued clients and we are delighted to continue to work with them on a number of developments across the region.”