Hucknall's Peacocks shop sold to private investors for £420,000 after 'long and drawn out project'

Peacocks in Hucknall

The home of Peacocks in Hucknall has been sold but the store will remain open – at least until 2028 when the lease is due for renewal. An undisclosed private investor has bought the building in High Street for £420,000.

The fashion retailers closed around 200 of its 420 shops after falling into administration during the pandemic in November 2020. The company was later rescued by an international investment consortium. It kept the Hucknall branch as it was one of the more profitable shops.

A family property company sold the building in a deal completed by commercial estate agents FHP. Director David Hargreaves 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 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.

Get the latest What’s On news straight to your phone by joining us on WhatsApp

“Once a new five-year lease was in place at a rent of £43,000, the investment was brought to market with an asking price of £450,000, later reduced to £420,000 due to monthly increases in Base Rates throughout 2023.

“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 ten per cent for at least a further four years. Longer term there is an option to split the store to create three shops and two upper flats if Peacocks don’t renew the lease in 2028.”