FHP acting on behalf of a private investor have purchased the Schuh unit at 31-32 Long Row, Nottingham via the Acuitus November Auction.
The property, which totals 9,757 sq ft and is leased to Schuh until 23rd June 2016 at a rent of £167,500 per annum, was brought a price of £1.5 million, reflecting an initial yield of 10.5%
David Hargreaves, who advised the purchaser, confirmed:
“We know this property well, having originally acquired the unit for Schuh and although their lease is close to an end, we are confident that if they did not renew their lease, the property would be readily relettable bearing in mind it’s prime location overlooking the Market Square.
We have recently let the former Pizza Hut unit 2 doors away at a rent of £155,000 per annum to Five Guys with a number of under-bidders, whilst the upper floors in due course will potentially provide a development option for apartments/student accommodation.”
David Hargreaves finished by saying:
“Our depth of knowledge of the Nottingham retail and leisure market as well as the residential market adds significant value to our clients’ investments and so where other investors may be put off, we are able to see value.”
FHP have been retained to manage the property.
