FHP Property Consultants acted on behalf of Catalyst Capital in the sale of the former Audley Centre, a high yielding 42,000 sq ft multi‐let retail parade, generating a passing rent of £476,205 per annum.
The property provides opportunities to asset manage and reduce voids, increase income, and there are also angles for development and breakup. The property is situated on St Peters Street and East Street, Derby’s “High Street” and comprises a mix of national and regional tenants including Lloyds, Poundland, Three and Betfred.
Darran Severn of FHP Property Consultants, commented:
“I am pleased to confirm the sale completed earlier this month. I believe there is a significant asset management angle to increase the rental income and reduce voids. This is a substantial block of property in a key area of the City Centre. There are currently a number of serious buyers in the market who are looking to pick up these management intensive assets, and it is great to see activity within this sector at a time where retail is facing changes and High Streets are adapting. The quoting sale price was £2,500,000 and a deal was agreed close to that figure.
The purchaser owns a portfolio of similar assets across the Midlands. Their approach is to attract local retailers by reducing rents and providing “white box” units immediately available for occupation. I am delighted to confirm that FHP Property Consultants have been retained to launch the vacant units in the New Year. If you would like to discuss any of the available units then please get in touch.”
GCW acted as joint agents alongside FHP Property Consultants on the sale.