Newly-built properties which are home to popular international food operators and are based on a £12m Nottinghamshire regeneration development have been purchased by Hull-based commercial property specialists Garness Jones on behalf of an investor.
The properties comprise of Phase 1 of the Stockwell Gateway development in Mansfield, built by the ARBA Property Group on the site of a former bus station.
The developer has invested millions of pounds into projects in the retail, commercial, and leisure sectors across Yorkshire and the Midlands in recent years.
The investment, for a family Trust, follows a similar previous acquisition by Garness Jones for the same client last year, building upon a long-term relationship in which the investments team actively seeks out suitable new opportunities.
The occupiers of the investment are restaurant chains Taco Bell, Tim Hortons and Dominos and offers the security of having solid covenants, and being on a site which is expected to have further investment and development on phase 2 and nearby.
‘Excellent investment opportunity’
“This is an acquisition which really reflects our ability to be aware of what is happening in the commercial property market, as excellent opportunities can arise out of new developments such as this one,” said David Garness, who has overseen the deal on behalf of the investor.
“These new premises were only completed last year, and further regeneration and development is due with an expected brand new, six-storey hotel with 100 rooms alongside.
“Recently completed developments such as this can provide an excellent opportunity for investors as developers are often keen to find buyers once they have completed their build project and have attracted high-quality tenants.
“This makes them highly sought-after, so it is paramount that, as advisors on potential investments, you have your finger on the pulse to be able to offer clients opportunities such as this as they arise.
“This project has been a significant regeneration of this area of Mansfield, becoming a focal point and one which is intended as a catalyst for future growth and investment, which is obviously beneficial for our client.
“It is always a case of using our contacts throughout the industry to ensure we are made aware of such excellent opportunities at the very earliest stage, not only in Yorkshire and Lincolnshire, but also further afield.
“I’d like to thank David Stone of Rollits, who advised us on the purchase for our client, and Will Beresford, of business advisors Fortus and Andrew Allen, who represented the ARBA Property Group in the deal, for working together to reach an excellent result for all parties involved.”
Management team appointed
Garness Jones’ Commercial Property Management team have also been instructed to manage the properties, including maintaining a good landlord and tenant relationship, being the first point of contact for day-to-day issues, collections and accurate client reporting, and ensuring statutory compliance through service charge management.
