Lloyds building bought for £3m
The flagship Lloyds Bank property in Nottingham has been purchased for £3.1m. The purchase was completed by chartered surveyor Fisher Hargreaves Proctor (FHP).
Wetherby-based property group Oakgate bought the property in Low Pavement.
The building is currently let to Lloyds Bank with 11 years remaining on the lease. Lloyds is paying £170,000 per annum with a lease expiry in June 2021.
The location is set to undergo huge development, with restaurants Jamie’s Italian and Carluccio’s due to open after Christmas, as well as the proposed redevelopment of the entrance to Westfield shopping centre.
John Grantham, chief executive of Oakgate Group, said: “We are delighted to again invest in Nottingham and further develop our relationship with FHP. They sold the HSBC investment on Clumber Street for us last year for just under £11m and they are our retained agents in respect of the St Marks Shopping Centre in Newark.”
