While the commercial property market may seem low on stock, there is no stopping for demand and sales in the sector. In a very swift deal, a £1.7 million property was sold in Derby city centre by BB&J Commercial.
In a strong end to the year BB&J Commercial completed the sale of a large multi-let mixed use scheme of over 30 flats occupied by both professionals and students together with a pay and display carpark in Derby City Centre.
Located on Stafford Street close to the junction with Friar Gate and Ashbourne Road, the property was marketed at a price in excess of £1.7 million being reflective of the valuable income stream, and the sale of the freehold investment attracted a large amount of interest around the asking price.
Partner Mark Richardson acted for the seller and commented “whilst the commercial property market may seem low on stock, demand for good quality investments remains strong. This was a large property primarily used for housing provision and is a good example of more investors considering this sector as a viable investment on a larger scale.”
Looking at the wider property picture, Mark continued “It fits in with the strong appetite for investment sales, which in 2021 exceeded an incredible £50 billion nationally. It’s also worth noting that this type of investment within the city centre is yet another example of Derby being seen as a city of both sustainability and growth. Alongside investment and construction schemes such as the nearby Becketwell redevelopment, Nightingale Quarter and those in areas such as Agard Street it is one more piece of the property jigsaw being put together to ensure the vibrant future of Derby.”
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