Upper Parliament Street, Nottingham
Acquisition of High Street Retail, Nottingham
A private Spanish family trust, advised by Nightingale Partners, has acquired 8-10 Upper Parliament Street & 1- 5 Milton Street in Nottingham. The purchase price of £3.45m represents a Net Initial Yield of 5.50%.
The property totals 5,555 sq ft (516.05 sq m) over basement, ground and three upper floors and is situated in an extremely busy location in a highly prominent location at the top of the prime Clumber Street, opposite Intu Victoria and close to Trinity Square.
The property is fully let on a new 20 year lease at a rent of £200,000 per annum with annual RPI fixed uplifts to Burger King who have traded at the property for in excess of 30 years.
The purchaser was represented by Nightingale Partners.
