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Derby shopping centre sold – Business Live

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A Derby buying centre has been offered.

FHP Property Consultants has offered the previous Audley Centre, on the nook of St Peter’s Avenue and East Avenue, for a determine near the £2.5 million asking value.

In keeping with Advertising Derby, tenants of the 42,000 sq ft of property embrace Lloyds, Poundland, Three and Betfred.

FHP acted on behalf of Catalyst Capital. FHP affiliate director Darran Severn mentioned: “The purchaser owns a portfolio of comparable property throughout the Midlands.

“Their method is to draw native retailers by decreasing rents and offering ‘white field’ items instantly obtainable for occupation.”

In keeping with FHP, the parade, which generates a passing lease of virtually £500,000 a yr, gives alternatives to asset handle and cut back voids, whereas growing rental earnings.

There are additionally angles for improvement and breakup. Mr Severn mentioned: “I consider there’s a vital asset administration angle to extend the rental earnings and cut back voids.

“This can be a substantial block of property in a key space of town centre.

“There are presently numerous severe consumers out there who want to choose up these administration intensive property.

“It’s nice to see exercise inside this sector at a time the place retail is going through modifications and Excessive Streets are adapting.

“I’m delighted to verify that FHP Property Consultants have been retained to now launch the vacant items.”

GCW acted as joint brokers alongside FHP Property Consultants on the sale.

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