PAI members Clark Weightman and Naylors Gavin Black have completed their first inter-firm deal.
The transaction, in Grimsby, comprised a roadside tyre/exhaust centre and carpet showroom. The property occupies a prominent position on the main arterial road linking the neighbouring towns of Grimsby and Cleethorpes. The property is fully let and producing a gross rent of £98,467.63pa with the tenants being National Tyre Services Limited and Flooring Express Limited t/a Carpet Express. The long leasehold interest has sold at £800,000.
The seller was represented by Carl Bradley at Clark Weightman, with Fergus Laird at Naylors Gavin Black representing the purchaser.
Commenting on the deal Fergus said: “This transaction is an excellent example of PAI working at it’s very best. Carl and I speak on a regular basis and I was first alerted to this opportunity via the Investment Panel deals system. I’m delighted to have completed the purchase for my client.”
Carl was equally enthusiastic, the only disappointment being that the celebratory fish and chips lunch promised at the start of negotiations will have to wait until lockdown restrictions are lifted!