Activity Centre and Car Park Investment – Copeland Street, Derby, DE1 2QD
Franck-Steier Price has recently completed the sale of the above on behalf of Newcore Capital Management.
The property comprises a warehouse and car park investment strategically located forming part of a gateway site between Derby city centre and the railway station. The property sits opposite Intu Shopping Centre.
The property is let to Time 2 Play Limited on 15 year lease from June 2019 at a rent of £143,000 per annum and Exel Parking Services on a 5 year lease from September 2018 at a rent of £12,500 per annum subject to landlord rolling break options.
The warehouse totals 14,092 sq.ft with a smaller unit to the rear totalling 1,494 sq.ft. There is a small element of the site which comprises the car park.
The purchase price was £1,225,000 which represented a net initial yield after usual purchaser costs of 11.98%.
The property was acquired by a private investor, represented by Sampson Moore and Franck-Steier Price represented the vendors Newcore Capital Management.