PAI investment transaction completes in Grimsby
Naylors Gavin Black partner Fergus Laird has completed his first investment deal with a fellow member of Property Agents Independent (PAI) since taking up the role as PAI President in October.
The property, which occupies a prominent position on the main arterial road linking the neighbouring towns of Grimsby and Cleethorpes, is fully let and produces a gross annual rent of £98,500 with the tenants being National Tyre Services Limited and Flooring Express Limited t/a Carpet Express. The long leasehold interest sold for £800,000.
The seller was represented by Carl Bradley at Clark Weightman. Commenting on the deal, Fergus said: “This transaction is an excellent example of PAI working at it’s very best. Carl and I speak on a regular basis and I was first alerted to this opportunity via the PAI Investment Panel deals system. I’m delighted to have completed the purchase for my client.”
Carl was equally enthusiastic, the only disappointment being that the celebratory fish and chips lunch promised at the start of negotiations will have to wait until lockdown restrictions are lifted!