Midlands property agency Bond Wolfe has secured the £1.3 million sale of a unit on Derby’s Southgate Retail Park to Connect Derby Properties Ltd.
The modern retail unit has The Gym Group as its long-term tenant on a reversionary lease until 20 March 2031.
As a result, the 11,643 sq ft purpose-built unit is currently generating a passing rent of £97,344 per annum exclusive, representing a low £8.36 per square foot.
The Gym Group has leased the unit since 2011. Southgate comprises 48,000 sq ft of retail space, anchored by a Lidl store.
Clark Brookes Turner Cary Solicitors in West Bromwich acted for the seller and Elliot Matther in Derby advised Connect Derby Properties Ltd.
James Mattin, managing director agency at Birmingham-based Bond Wolfe, said: “We are pleased to announce the sale of this key retail investment on Southgate retail Park.
“The property went under offer very quickly after being released to the market, which demonstrates further evidence of the demand for these types of assets from the private investor market.
“We are shortly releasing a number of similar opportunities in the area and would be pleased to discuss specific requirements from investors looking for opportunities.”
