Franck-Steier Price has recently completed the disposal car park investment opportunity in Derby city centre on behalf of private investors.
The property comprises a 0.6 acre site adjacent to Intu Shopping Centre and is let to Exel Parking Services Limited on a lease expiring 22nd November 2023.
The current passing rent is £115,000 per annum and there are rolling tenant break options from 31st August 2020 and rolling landlord break options from 23rd November 2019.
The property was sold for £1,275,000 which reflects a net initial yield of 8.51% assuming costs of purchase of 6.35%
The property was acquired by Amstone who were represented by Knight Frank in the transaction.