Clients of FHP Property Consultants have acquired The Elite Building on Upper Parliament Street in Nottingham as an investment and have been retained to manage the building.
The property, which was marketed by Knight Frank and had a quoting price of £4.1million, provides an income of some £403,000 and also includes 6,000 sq ft of vacant offices, is home to the INK Night Club, Soulville Steakhouse, French Living and Powerhouse Fitness, amongst others.
The acquisition was handled by David Hargreaves and Rob Spencer of FHP.
Rob Spencer, who heads the Management Department at FHP, said: “Following the acquisition a contract has been placed for the refurbishment of the external parts of the building and for a certain amount of repairs to bring the property into a full state of repair.
We are also about to submit a Planning Application for a change of use of the vacant offices to provide student accommodation.”
David Hargreaves said: “Knight Frank’s Birmingham Office were quoting a price of £4.1 million, but we were able to secure it for a lesser price, showing our clients a yield of more than 10%, whilst providing longer term refurbishment and development opportunities.”
FHP have been retained as managing and letting agents.
Jonathan Devaney at Knight Frank’s Birmingham Office acted on behalf of the vendors.
