NG Secures Tesco Long Row Retail Property Deal
31st August 2016
A Tesco Convenience Store has changed hands in a deal brokered by commercial retail property specialists NG Chartered Surveyors.
Acting on behalf of private pension fund clients, NG Chartered Surveyors has acquired the 5,908 sq ft Tesco Convenience Store on Long Row.
The Long Row store is the latest addition to pension fund’s portfolio which covers office and retail properties in and around Nottingham.
Richard Sutton director at NG Chartered Surveyors said:
“The purchase represents excellent value for our client. Nottingham remains one of the UK’s principal retailing centres and shopping destinations. The city has a catchment shopping population of over 2.3 million within a 45 minute drive, ranking the city 8th out of all the UK PROMIS centres.
“We made this known to our client and advised them that the Long Row stores is a location that will never go out of fashion. Even in the unlikely event of Tesco leaving, we believe there are many alternative occupiers who could step straight in.
“This deal shows yet again that our knowledge of the local market means we can identify opportunities for clients and get deals over the line quickly and to the satisfaction of all parties.”
Long Row is located just off Market Square and Chapel Bar, lies between Main Marian Way and Upper Parliament Street. The property is almost opposite Chapel Quarter, a modern landmark mixed use development.
The pedestrianised Chapel Bar provides outdoor dining areas for bars and restaurants. Nearby occupiers include Debenhams, Greggs, Caffe Nero, Coals, William Hill and Lloyds Bank. Leisure occupiers include Ask, Las Iguanas and Fat Cat Cafe.
“Andrew Price of Birmingham based investment agents Frank Stier Price acted on behalf of the vendors M7 Real Estate in the sale”.