Altum Capital has stepped up plans to acquire long income assets by purchasing the freehold investment of the Debenhams store in Nottingham for £25.85 million.
The prominent, landmark building is located on Old Market Square in the city centre between intu Victoria and into Broadmarsh.
The store trades over four floors, with a total area of 196,604 sq ft (18,295 sq m). It is let to Debenhams Retail Plc until 2040, with a current rent of £1,479,983 pa and the benefit of future fixed uplifts.
Jack McCarron of Altum Capital commented: “We have acquired this attractive building, occupying a substantial corner site in the heart of the city centre. Nottingham is a vibrant shopping destination and is attracting significant investment over the next few years. This acquisition demonstrates our strategy of acquiring assets with long-term income, as well as benefiting from potential alternative use value. We are considering a number of other similar opportunities across the UK.”
GL Hearn advised Altum Capital. Colliers International represented the vendor.