Peacocks store sold in £420,000 deal

FHP, representing a private family property company, has finalised the sale of the Peacocks store at 38-40 High Street, Hucknall, Nottinghamshire.

After securing a new five-year lease at a rent of £43,000, the investment was listed for sale at £450,000. Due to monthly increases in Base Rates in 2023, the price was adjusted in September, resulting in a sale at £420,000.

David Hargreaves of FHP, said: “This has been a long and drawn-out project following the administration of Peacocks during Covid. The new Peacocks Phoenix company wished to retain this store as it was one of the more profitable stores and so we began negotiations with the administrators and Peacocks to agree on terms for a new lease.

“This is a great buy for the private investors giving them a large store of circa 6,000 sq ft with rear parking and a yield of 10.00% for at least a further four years. Longer term there is an option to split the store to create 3 shops and 2 upper floor flats if Peacocks don’t renew the lease in 2028.”

While FHP represented the vendors the purchasers handled their representation.