Beeston tenant surrenders lease to allow shop and flat to be sold at premium price

The former Artworks shop and flat above have been sold

The tenant of a former shop and flat in Beeston has surrendered the lease to allow property agents to sell the building for a “significantly” higher price. Arts and crafts shop, Artworks, which had been trading for more than 15 years, closed last December.

It has not been revealed who the buyer is, or what the future holds for the property on the corner of Chilwell Road and Imperial Road but there was high demand, with no fewer than nine offers made. The building eventually sold for £300,000. The property had previously been put up for sale in January 2023, not long after the landlord passed away.

This week commercial estate agents FHP announced they had completed the sale of the shop and first floor accommodation on behalf of executors. The property was let to a tenant at a low rent which would have impacted significantly on the ultimate price that could be achieved, they said.

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David Hargreaves, director of FHP recommended to the executors that FHP should negotiate to buy in the lease from the tenant which would then enable the property firm to sell the freehold with vacant possession at a significantly higher price.

Terms were agreed with the tenant for them to surrender the lease for a premium, subject to the sale. Mr Hargreaves said: “Although the lot size was only small, our strategic advice to look at ‘the bigger picture undoubtedly secured our clients £125,000+ more than they would have got on a straight forward investment sale. This is agency at its best adding value to a client’s asset through the quality of the property advice and executing that strategy.”