GCW’s Investor Team has again demonstrated its expertise with the disposal of 46 & 48 Clumber Street in Nottingham city centre. The timely exit was secured for client Capreon as part of a full-service offer which involved letting the space before executing its sale to a private investor.
46 & 48 Clumber Street is a flagship retail unit opposite the main entrance to Nottingham’s Victoria Centre. GCW agreed a post-pandemic letting to international restaurant chain Jollibee. The business has more than 1,500 restaurants worldwide and in September 2021 signed a 15-year lease at the £267,500 pa, representing the highest rent achieved on the street in recent years.
Nottingham is one of the UK’s largest retailing destinations, ranking 5th in Experian’s top UK retail areas. The city’s Victoria Centre attracts 23 million visitors a year and the 5,900 sq ft unit is in prime position to benefit from high footfall. The repurposing of Broadmarsh Shopping Centre will shrink city centre retail supply, meaning that demand will be even more keenly focused on the Clumber Street and Victoria Centre pitch.
Not surprisingly, the asset attracted significant interest. There was competitive bidding and GCW secured a keen price for its client.
GCW Partner Oli Horton said: “We are delighted to have achieved such a favourable exit. Capreon has benefited from our full-service offer. We let the space at a market high rent and have identified the best time to sell the asset. It demonstrates the value of our one-stop-shop and of forming close relationships with clients based on unrivalled market knowledge.”