Fisher Hargreaves Proctor - Retail - Derby, Market Place

Date: 12 Apr 2000

Fisher Hargreaves Proctor acting on behalf of Derby based Clowes Developments (UK) Limited have completed the sale of a retail investment at 12 Market Place, Derby.

The property was originally acquired by Clowes, with advice from FHP, from Thorntons and refurbished and let to Ark, a high fashion retailer with stores in Leeds, York, Sheffield and Hull, at a rent of £25,000 per annum.

FHP have now placed the investment with clients of The Culshaw Partnership from Uppingham at a price of £300,000 to reflect an initial yield after costs of 7.96%. The sale was completed the day before the budget when Stamp Duty on such transactions increased by 0.5% to 3%.

David Hargreaves of FHP commented that the lot size made the investment particularly attractive to family and charitable trusts, with few opportunities to acquire retail investments in cities such as Derby at prices below £500,000.

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