DTZ completes £2m retail sale
The Nottingham office of property agent DTZ has completed the £2m sale of two retail units in Grantham town centre.
DTZ’s investment team secured the freehold sale of 46/46A High Street and 11 Guildhall Street in the town centre to a private investor.
The building comprises 46,869 sq ft of retail space across a two storeys. Unit 46A, which fronts the High Street, is currently let to retailer B&M on a ten-year lease.
Retailer Argos occupies 11 Guildhall Street which is due to expire in December 2012.
Current total rental income from the occupiers totals £210,125 per annum.
George Alcock, investment surveyor at DTZ in Nottingham, said: “This sale demonstrates that there is appetite for secondary retail investments which offer asset management potential.
“This property offered guaranteed rental growth through the rent review structure, with potential to add further value. As a result it appealed to a variety of private investors, property companies and small funds.”
