A prominent three-storey building at one of Derby’s key gateway intersections has been sold.
The property, 68-69 Friar Gate, which is at the Uttoxeter Old Road/Ashbourne Road crossroads, has been bought by a local investor following a short marketing period.
The mixed-use investment property consists of two ground floor retail units, let on reversionary leases, with two student-let apartments at first and second floor level.
William Speed of Salloway Property Consultants, who negotiated the deal on behalf of a private client, was not surprised to see the property sell in a short period of time.
He said: “We are seeing fewer investments coming up for sale in what can probably be described currently as a bull market so it was no surprise to see so much interest in such a prominent building with good reversionary leases in place.
“The appeal of property as an investment asset class appears to be stronger than ever and in my experience demand for investments in Derby is coming from far and wide.”
Kushi Bachada, Director of RSB Holdings Limited, who bought the property, said: “I have had my eye out for any attractive investments over the past year and as soon as this property hit the market I was immediately interested. It was a rare opportunity to acquire a mixed-use investment that included two retail units both let on reversionary leases.”