Clifton Agency have completed the sale of 11-15 Pelham Street & 1-3 Thurland Street, Nottingham on behalf of Avignon Capital.
This long let leisure investment is located in an attractive former banking hall and comprised 16,000 sq ft of accommodation over 4 floors. The property is let in its entirety to Arc Inspirations Limited (trading as Box Sports Bar) on a new 25 year lease (15 year break) and produces a total income of £200,000 per annum.
The property sold for £2,000,000 which reflected a net initial yield of 9.36%.
Ben Simpson commented:
“Following a successful repositioning of the property from multi-let short income retail accommodation to long let leisure income, it was particularly pleasing to sell this stunning Grade II listed building in record time. From agreement of heads of terms to completion of contracts, the whole legal process was concluded in under 7 working days.”
Clifton have been advising our clients on this property in an asset management perspective for a number of years and it was great to work with BOX Property Consultants to close the sale prior to the year end.
For further information on this deal, or to discuss similar leisure requirements, please contact the team at Clifton Agency.
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