Lambert Smith Hampton - Retail Sale - Nottingham, Arnold, Front Street,

Date: 10 Sep 2002

Acting on behalf of a Private Pension Fund Scheme, Noel Roper of Lambert Smith Hampton, Nottingham, has successfully sold the freehold interest of 91A/103 Front Street, Arnold, Nottingham, for a sum of £1,850,000.

This parade of eight shops, located some 4 miles northeast of Nottingham City Centre, was purchased by Sherwood Properties Limited.

The current rental income is £158,950. Using a figure of £43.50 Zone A and £3.50 per sq ft on the first floor, with the exception of 103 Front Street, the estimated rental value upon completion of rent reviews is £172,900. This reflects an initial yield, after costs, of 8.01%.

The property consists of 8 shops with accommodation on ground and one upper floor, all are currently let on a full repairing and insuring lease, with 4 leases expiring 2016/17, a further 2 leases expiring in 2011 and 2012, 1 in 2002 and the remaining lease in 2004. There are currently rent reviews outstanding or forthcoming on almost all of the properties,

Commenting on the purchase, Noel said: “This freehold retail investment is in one of the three best suburban shopping areas on the outskirts of Nottingham City. It is currently an ideal time to sell retail due to a shortage of good secondary properties on the market. I am very happy with the price that has been achieved.”

Lambert Smith Hampton acted on behalf of client, the vendor, a private pension scheme, Martyn Stubbs & Associates advised the purchaser, Sherwood Properties Limited.

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