Two investors have spent a total of £13.35m on shops in Clumber Street and Bridlesmith Gate, Nottingham, East Midlands.
SPP Investment Management has bought 28 Clumber Street from Taylor Clark Properties for £10.35m. The (2,483 sq m) 26,726 sq ft building is occupied by Lillywhites on a 17 year lease from August 1996 at £510,000 pa. The purchase price reflects a yield of over 4.75%.
The four level store, which was developed by Taylor Clark last year, is situated in the heart of Nottingham’s prime pitch with frontages onto Clumber Street, Lincoln Street and Clinton Street West.
On Bridlesmith Gate, Nottinghamshire County Council Pension Fund has bought the mixed-use investment at Nos. 34 – 44 for just over £3m.
The investment comprises four tenanted shops with offices above producing £266,000 pa – a yield of 8.8%.
Molyneux Rose advised the vendor, an undisclosed property company. Walker Son & Packman introduced the investment to Argyle Asset Management, which manages the Nottinghamshire county council pension fund.
EGi News 16/06/97
