Major city centre retail units sold in £2m-plus deal

A major retail complex in Derby city centre has been sold.

The 42,000 sq ft Audley Centre on St Peters Street and East Street has been sold by Catalyst Capital to a private investor, in a deal brokered by FHP Property Consultants.

The building includes a mix of national and regional tenants, including Lloyds, Poundland, Three and Betfred.

Darran Severn of FHP Property Consultants 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.

There are currently a number of serious buyers in the market who are looking to pick up these management intensive assets, and it is great to see activity within this sector at a time where retail is facing changes and High Streets are adapting.

“The quoting sale price was £2,500,000 and a deal was agreed close to that figure. 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.

“I am delighted to confirm that FHP Property Consultants have been retained to launch the vacant units in the New Year.

GCW acted as joint agents alongside FHP Property Consultants on the sale.