Nottingham retail unit sold in £700,000 deal

Custodian REIT, the Leicester-based property investment company, has sold a Nottingham city centre retail unit to an unnamed buyer in a £700,000 deal.

A lease renewal had recently been completed with The White Company on St Peter’s Gate on a five-year lease.

Richard Shepherd-Cross, managing director of Custodian Capital (the company’s external fund manager), said: “This asset was not aligned with the strategy of the company as we did not anticipate future rental recovery. We expect to invest the sale proceeds in higher quality assets with greater prospects for income and capital growth, better supporting the Board’s objective of increasing dividends in a sustainable way.”