FHP SELL WHEELER GATE, NOTTINGHAM INVESTMENT AFTER STIFF COMPETITION

Investment News

FHP acting on behalf of Wesleyan Assurance Society have completed the sale of 31-33 Wheeler Gate, Nottingham to a local family property company for a price of £1,325,000.

David Hargreaves of FHP, who handled the sale, confirmed that the premises which are next door to The Halifax and McDonalds are let on short leases at ground floor and basement to Frank Innes Estate Agents and Bureau de Change at a combined rent of £76,250 per annum, with 2 tenants at first floor providing a total income of £90,350 per annum.

Hargreaves went on to say: “The remaining upper floors are vacant and ideal for conversion to apartments. FHP Living have sold more than 50 apartments close by on Hounds Gate and Wheeler Gate where prices have ranged from £165,000 up to £350,000.”

He said: “As we know this market so well the opportunity was offered to a select group of 10 Investor / Developers, of which 6 bid, resulting in a sale well in excess of the quoting price to show the purchaser an initial yield of 6.80% net with development angles.”

 

END

David Hargreaves

Date:  11 May 2018