INNES England has overseen the sale of a lucrative investment property in Ruddington to a local property client represented by Trafford Oliver.
Easthorpe House on Loughborough Road in Ruddington is let to NHS Property Services Ltd on a lease until March 2020 at a rent of £110,000 per annum exclusive.
The Grade II Listed building sits in attractive grounds to the north of the village and comprises just under 10,000 sq ft arranged over two floors. The property was brought to the market in October 2014 and generated significant levels of interest.
Trafford Oliver advised a local property company who were quick to seize the opportunity and exchanged contracts to purchase the building before the close of the year with completion taking place last month.
Chris Sinclair of Innes England acting for the vendor, a local privately owned property investment company, said: “We have had a long involvement with this building. We sold it to the vendor and were delighted to be asked to offer it for sale. The building is set in fabulous mature grounds on the edges of Ruddington and yet within minutes drive of Nottingham city centre.
“We generated a considerable level of interest and the client is delighted to have secured an attractive price of £1.25m representing a net initial yield of just over 8.3 per cent.”
Charles Trafford of Trafford Oliver acting on behalf of the purchaser, said: “My clients were immediately taken with this investment proposition, not least because of the imposing nature of the Listed building and its setting within such eye-catching grounds. The other fundamentals of an accessible location, a strong tenant occupier and the potential to add value in the longer term were also in place and added to the appeal.
“My clients were also in the favourable position of being able to proceed quickly and without the need to obtain external finance, which meant we were able to exchange unconditional contracts in a short space of time.
“Now that the purchase has completed, the property takes its place in my client’s expanding investment portfolio and we are actively looking to acquire further investments within the region, for which substantial funds are in place.”