HSBC Investment, Leicester
Client: Private client
Instruction: Investment purchase
Acting on behalf of a private investor, who had a specific requirement for a retail investment, we identified a suitable property through our institutional client contacts. We obtained details of the property and introduced them to our client to consider “off market”. We established a price at which the freeholder would sell and reported our initial views on value to our client. Following instructions, we submitted an offer for the investment to the institution which was accepted upon condition that contracts were exchanged within 14 days of receipt of legal documentation. Contracts were exchanged within the set timescale and the matter completed shortly thereafter.
The property occupies a prime retail position within Leicester city centre at the junction of Gallowtree Gate, Humberstone Gate, Church Gate and Eastgates, being close to Marks & Spencer, Boots, Clarks and Barclays. The premises, arranged on basement, ground and three upper floors were in excellent condition, having been refurbished by the tenant, HSBC, when they acquired the leasehold interest 3 years previously.
The investment met all the criteria of our client, being situated in a prime location, let to an undoubted covenant and secured for over 10 years.