Hucknall Peacocks store sold to private buyer as an investment

Commercial estate agents FHP, acting on behalf of a private family property company have completed the sale of the store on High Street as a private investment.

Peacocks was bought out of administration after owners Edinburgh Woollen Mill Group went into administration.

FHP acted for the vendors, a private family company that had owned the store for more than 30 years, while the purchasers represented themselves.

David Hargreaves, of FHP, said: “This has been a long and drawn out project following the administration of Peacocks during Covid.

"The new Peacocks phoenix company wished to retain this store in Hucknall as it was one of the more profitable stores and so we began negotiations with the administrators and Peacocks to agree terms for a new lease.

"Once the new five-year lease was in place at a rent of £43,000, we brought the investment to the market with an asking price of £450,000.

“As a result of the monthly increases in base rates throughout 2023, we had to reprice the investment in September, resulting in a sale at a price of £420,000.

This is a great buy for the private Investors giving them a large store of circa 6,000 sq ft with rear parking and a yield of 10 per cent for at least a further four years.

"Longer term, there is an option to split up the store to create three shops and two upper floor flats if Peacocks don’t renew the lease in 2028.”