Nottingham retail scheme sells for £3.25m

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A Nottingham retail park completed at the height of the pandemic has been sold for £3.25m.

Beechdale Retail Park has been sold to an unnamed investment fund by HDD in a deal brokered by David Hargreaves of FHP Property Consultants and Duncan McLaren of McClaren & Partners.

The scheme comprises of six units of 1,250 sq ft and a drive-thru Costa.

Hargreaves said: “HDD and their contractors did a great job building this out through the first and second lock down and the tenants stayed with us, when many would have walked away.

“We originally had the investment forward funded in February 2020, but the buyer withdrew in June due to the uncertainty caused by the pandemic.

“When we brought the investment back to the market in the Autumn, we had good interest, despite it being retail which is not exactly flavour of the month at the moment with investors, and were able to secure a price of £3.25m.

“This strong price really reflects the strength of the tenant line up, Lidl as the next door anchor and the strength of the location.”

Hargreaves added: “FHP bought the site for Lidl originally, sold off the surplus land for them to HDD Limited, let all the shops for HDD Limited and jointly with Duncan McClaren have now completed the investment sale, all in a two-year period.”

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