FHP acting on behalf of private clients have recently acquired Imperial Building on Victoria Street in Nottingham for a price of £1.96 million from clients of Singer Vielle.
The property totals 14,500 sq ft and is let in part to City Centre Restaurants PLC, who in turn sub-let the property to Ark, whilst there is a bar/restaurant in the lower ground floor and 2 floors of offices above.
David Hargreaves, who acted on behalf of the purchaser, confirmed that the price reflected an initial yield of 9.1%.
The leases are relatively short-term, but we believe there is long term development potential including refurbishment of the offices and perhaps the development of the roof with penthouse office or residential accommodation.
The ground floor retail unit currently occupied by Ark is also suitable for restaurant use, for which there have been a number of requirements for this part of the City at the junction of the Lace Market and Hockley and which would benefit from external seating.
FHP, who introduced the opportunity to the Purchaser and negotiated the acquisition, have been retained to manage the property.
Singer Vielle, who represented the vendor, sold the property via their “Click to Purchase” bidding platform.