A fully-refurbished former supermarket site in Leicestershire has sold for £2.65million in an investment deal concluded by leading commercial property agency Bromwich Hardy.
Bromwich Hardy surveyor Caine Gilchrist – who acted for a private landlord in the deal – said the sale of the 16,000 sq ft former Lidl site in Hinckley showed that there were some signs of demand beginning to improve within the investment market.
The 1.5 acre site in Hawley Road is now split into three separate units.
“This is an excellent deal for a significant property on what is a first-class site in a good location close to the centre of town.
“There are three good tenants, all with new leases on site with an average rent across the building of close to £14/sq ft producing an annual net income of more than £210,000.
“In more general terms, it is also a sign that we may be reaching something of a turning point in the commercial investment market.
“There are certainly indications that the market is starting to recover from some of the difficulties of the last two years, with turnover beginning to increase ahead of the expected fall in the base rate in the second half of the year.”
Caine worked with joint agent James Brookes on the deal.
Coventry-based Bromwich Hardy is one the country’s leading independent commercial property agencies.
Earlier this year it lifted the 2024 CoStar title for the most office disposals in Coventry and being the most active single branch agency for sales and acquisitions in the city, and also came top for most office disposals in Birmingham and being that city’s most active single branch agency.
Bromwich Hardy was also named number one for the number of office disposals in the West Midlands and for being the region’s most active single branch agency across office acquisitions and disposals by both number and size.
To add to the success, the agency has also been named EG’s 2023 county winner for Warwickshire to reflect its ‘exceptional contribution’.