Investor buys central Derby asset
A key retail asset in the heart of Derby city centre has been sold in a deal involving FHP Property Consultants.
Acting on behalf of Catalyst Capital, FHP has confirmed the sale of the former Audley Centre, on the corner of St Peter’s Street and East Street. The property, which offers 42,000 sq ft of space, comprises a mix of national and regional tenants, including Lloyds, Poundland, Three and Betfred.
According to Darran Severn, from FHP, the quoting sale price was £2.5 million – and a deal was agreed with the buyer close to that figure.
He said: “The purchaser owns a portfolio of similar assets across the Midlands.
“Their approach is to attract local retailers by reducing rents and providing ‘white box’ units immediately available for occupation.”
According to FHP, the parade, which generates a passing rent of almost £500,000 a year, provides opportunities to asset manage and reduce voids, while increasing rental income. There are also angles for development and breakup.
Darran said: “I believe there is a significant asset management angle to increase the rental income and reduce voids. This is a substantial block of property in a key area of the city centre. There are currently a number of serious buyers in the market who are looking to pick up these management intensive assets.
“It is great to see activity within this sector at a time where retail is facing changes and High Streets are adapting.
“I am delighted to confirm that FHP Property Consultants have been retained to now launch the vacant units. If you would like to discuss any of the available units then please get in touch.”
GCW acted as joint agents alongside FHP Property Consultants on the sale.