Midlands property agency finalises £1.3m sale of Derby retail unit

Midlands property agency Bond Wolfe has completed the £1.3m sale of a unit at Southgate Retail Park in Derby to a rental agency in Derby.

Connect Derby Properties will now take on the retail unit, which is leased long-term to The Gym Group on a reversionary lease until March 20, 2031.

The 11,643 sq ft purpose-built unit currently generates an annual rent of £97,344.

Southgate Retail Park offers a total of 48,000 sq ft of retail space, anchored by a Lidl store.

Clark Brookes Turner Cary Solicitors in West Bromwich represented the seller, while Elliot Mather in Derby advised Connect Derby Properties.

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.”