Deal agreed for Grade II listed building
A Grade II listed building in Chesterfield has been sold in a deal brokered by FHP and Williams Property Consultants.
1 Market Place, sold on behalf of PDR Construction, is home to the popular restaurant The Sorbo Lounge, one of the trading brands of Loungers plc.
The sale of the ground floor restaurant, which is occupied by Loungers on a 15-year lease at a rental of £57,000 per annum, was agreed prior to sales particulars being produced to private investors advised by Phillips Sutton.
The property has been sold for £780,000 for the long leasehold, reflecting a net initial yield of approximately 6.8 per cent.
PDR Construction, who were instrumental in obtaining planning consent for the upper floors for residential development, has now completed a full refurbishment of the building.
