Franck-Steier Price has recently completed the sale of a prime high street retail investment on behalf of CBRE Global Investors.
The property is located on Lister Gate, one of Nottingham’s prime retail pitches and a key route between the CBD and Nottingham’s Train and Bus Stations.
The property comprised a ground floor retail unit let to Greggs with basement bakery and ancillary accommodation at first and second floors. Overall the property extended to 3,843 sq ft with floor plans between 800-900 sq ft.
The property was let to the excellent covenant of Greggs Plc on a 15-year term expiring 24 June 2021, providing 2.25 years unexpired. As part of the sale Franck-Steier Price agreed a new 10-year lease with a break in year 5 at a new passing rent of £100,000 per annum.
The property was sold to a private investor for £1,380,000 which reflected an initial yield of 6.83% based on the new lease. Avison Young acted for the purchaser.