The Nottingham office of global real estate services firm, DTZ
has completed the sale of prime retail space in Grantham town
centre for £2m.
DTZ's investment team secured the freehold sale of 46/46A High
Street and 11 Guildhall Street in the town centre to a private
investor.
The building comprises 46,869 sq ft of retail space across a two
storeys. Unit 46A, which fronts the High Street, is currently let
to retailer B&M on a 10 year full repairing and insuring lease,
whilst Argos occupies 11 Guildhall Street also on a full repairing
and insuring lease which is due to expire in December
2012.
46 High Street is a small retail kiosk which is occupied on a
long leasehold basis by the Grantham Journal.
Current total rental income from the occupiers totals
£210,125 per annum.
George Alcock, Investment Surveyor at DTZ in Nottingham: "This
sale demonstrates that there is appetite for secondary retail
investments which offer asset management potential.
He continued: "This property offered guaranteed rental growth
through the rent review structure, with potential to add further
value. As a result it appealed to a variety of private investors,
property companies and small funds."