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Bond Wolfe, a Midlands property agency, has completed the £1.3 million sale of a retail unit at Southgate Retail Park in Derby. The property has been acquired by Connect Derby Properties, a local rental agency.
Long-Term Lease with The Gym Group
The 11,643 sq ft purpose-built retail unit is currently leased to The Gym Group on a reversionary lease, which extends until March 20, 2031. The unit generates an annual rental income of £97,344, making it a solid investment for the new owner.
Southgate Retail Park Overview
Southgate Retail Park, where the unit is located, comprises a total of 48,000 sq ft of retail space. The park is anchored by a Lidl store, which attracts consistent foot traffic, enhancing the value and appeal of the retail units within the complex.
Legal Representation
The transaction saw Clark Brookes Turner Cary Solicitors in West Bromwich representing the seller, while Elliot Mather in Derby acted on behalf of Connect Derby Properties.
Market Demand and Future Opportunities
James Mattin, managing director agency at Bond Wolfe, commented on the swift sale, noting, “The property went under offer very quickly after being released to the market, which demonstrates the strong demand for these types of assets from private investors. We are shortly releasing a number of similar opportunities in the area and would be pleased to discuss specific requirements from investors looking for opportunities.”
Conclusion
The sale of the Derby retail unit underscores the ongoing demand for well-located retail investments in the Midlands. With Bond Wolfe set to release more opportunities in the area, investors are encouraged to explore the potential of similar assets in the region.
