LPS are pleased to confirm that yesterday afternoon we simultaneously exchanged and completed on the purchase of Emperors Way, Papplewick Lane, Hucknall, Nottingham.
The vendor has also now secured an Agreement For Lease (AFL) for the Vests4Pets lease. This was our original intention, giving the investors certainty and security of an income flow subject to the 9 month rent free period from occupation anticipated in August (we are scheduled for completion of the lease on 20th Aug when the two Units are split into one). This has removed the onus on us as landlords to undertake the work, the costs, and potential marketing and vacant business rate liabilities. The overall purchase price was £1.35m, plus costs.
By completing yesterday, this also brings forward a rent apportionment from the sellers for this current quarter.
Finally, we want to take this opportunity to thank investors for their patience, as our negotiations have proved lengthy. This was caused by our attempts to secure not just one but two quality tenants from The National Co-op and Vets4Pets, both of which offer excellent covenants and certainty in delivering a good return on investor monies, which is the priority.
We will now concentrate our efforts on securing the final Unit and we will keep you informed of our progress.