Matlock – FHP Secure 22% Increase on Rent Review

Professional Services News

Acting on behalf of a private property company investor, FHP have agreed the rent review from November 2005 on a former Kwik Save store in Matlock at a rental of £55,000 per annum, which is a 22% increase on the previous rent passing.

The property, at 21 Firs Parade, is now occupied by Mackays who recently acquired the lease from Kwik Save. The premises comprise a ground floor only retail unit of approximately 8,500 sq ft and the agreed rent equates to £6.50 psf overall on a gross internal floor area basis.

Mark Bradley who acted for the private landlord client commented  “ The increase of 22% in rent for this secondary location in the town is extremely pleasing and in my view highlights the shortage of supply of large retail units in Matlock generally. The negotiations involved researching rental evidence from other Kwik Save supermarkets in the region and comparing locational differentials. It was not simply a case of looking at values in the adjoining streets as there were no other directly comparable large space units in the vicinity”

FHP have a long association with this property having sold the investment a few years ago and were brought back on board by the current owner to negotiate the rent review.