62-64 Long Row & 77/77A Upper Parliament Street, Nottingham, NG1 6JE
Franck Steier Price has recently completed the sale of mixed use property in central Nottingham on behalf of Orchard Street.
The property was complicated by having two frontages and split levels and comprised a ground floor retail unit on Long Row and two upper floors fitted out as a medical centre which had access from Upper Parliament Street at second floor level. There was also a vacant shop on Upper Parliament that formed part of the overall demise.
The property was let to two tenants. The Long Row retail unit was let to Tesco until 2023 and had a passing rent of £105,320. The upper floors were let to General Healthcare until 2023 at £463,877 but the tenant had an option to break in 2018. The tenant was not in occupation. The second floor had been sub let to NEMS Healthcare at £126,438 per annum. The first floor was unoccupied.
The investment sold for £3,228,000 which reflected a net initial yield of 16.5%.
The property was purchased by M7 who were represented by Sutton Phillips.