A Nottingham city centre retail property has changed hands for just under £1m, with plans to add residential apartments above the shop.
Acting for a local family-owned investor, property consultancy FHP Property Consultants has completed a deal for 6–8 Lower Parliament Street, directly opposite the main entrance to the Victoria Centre.
The ground floor of the 2,350 sq ft unit is currently let to Mexican fast-casual chain Boojum on a 10-year lease producing £100,000 a year. The lease is in the process of being assigned to a national retailer, although the incoming tenant has not been disclosed.
The buyer intends to retain the retail unit while developing the upper floors into five two-bedroom apartments, for which planning permission is already in place.
Once completed and fully let, the combined retail and residential investment is expected to generate a return of more than 13%.
David Hargreaves at FHP Property Consultants, who negotiated the deal, said the property’s position opposite one of Nottingham’s busiest shopping centres made it attractive despite wider pressures on the high street.
“The location is directly opposite the entrance to the Victoria Centre, just off Clumber Street, which remains one of the city’s key retail pitches,” he said.
The opportunity was introduced and negotiated by FHP Property Consultants, with the property acquired from a London-based client of GCW.
Legal work on the acquisition was handled by Lisa Poole at Gunnercooke.
