Derby investment property sold for £1m

A building in Derby used by a training company has been sold in a deal worth £1m.

The premises, on Royal Scot Road, is leased to Training Services 2000 – which provides government-funded apprenticeships and associated learning courses. It has been sold by Ivygrove Developments to Denby-based Garner Properties.

The deal was brokered by the managing director of Salloway Property Consultants Stephen Salloway who has now seen his involvement in the property run from the original acquisition of the development site, through to the sale of this investment.

He said: “It’s a great feeling to be actively advising on a property throughout the various stages of it’s lifecycle. After the land was acquired, Royal Scot Road became one of the major office and business unit developments on Pride Park.

“Nevertheless, by the time we handled the negotiations to lease the premises in 2010, the market was flat and securing a D2 Planning Consent for a training facility was a real coup.
“We agreed a lease of the 11,000 sq ft building with the prospect of income until 2025. Whilst the rent currently set at £8.78 per sq ft, is less than Pride Park office rents, it does offer real opportunity for income growth.”