A Derby shopping centre has been sold.
FHP Property Consultants has sold the former Audley Centre, on the corner of St Peter’s Street and East Street, for a figure close to the £2.5 million asking price.
According to Marketing Derby, tenants of the 42,000 sq ft of property include Lloyds, Poundland, Three and Betfred.
READ MORE: {}
FHP acted on behalf of Catalyst Capital. FHP associate director Darran Severn said: “The purchaser owns a portfolio of similar assets across the Midlands.
“Their approach is to attract local retailers by reducing rents and providing ‘white box’ units immediately available for occupation.”
According to FHP, the parade, which generates a passing rent of almost £500,000 a year, provides opportunities to asset manage and reduce voids, while increasing rental income.
There are also angles for development and breakup. Mr Severn said: “I believe there is a significant asset management angle to increase the rental income and reduce voids.
“This is a substantial block of property in a key area of the city centre.
Most Read
“There are currently a number of serious buyers in the market who are looking to pick up these management intensive assets.
“It is great to see activity within this sector at a time where retail is facing changes and High Streets are adapting.
“I am delighted to confirm that FHP Property Consultants have been retained to now launch the vacant units.”
GCW acted as joint agents alongside FHP Property Consultants on the sale.