City deals round-up

The letting of modern office space on Pride Park heads the list of deals completed in Derby over the past few weeks

Acting on behalf of private clients, FHP Property Consultants has secured a new occupier for the 9,700 sq ft Edward Lloyd House.

The property has been let on new lease terms for a period of 10 years.

Darran Severn, director at FHP, said: “This is a fantastic letting in Derby. We have been able to start the new lease on the day the previous tenant vacated minimising any void period for our client.

“In addition, we have secured a new headline rent on Pride Park where over the past 10 years rents have peaked around £16.50 per sq ft.

“As supply reduces and existing buildings are comprehensively refurbished to provide grade A space, I see further rental increases over the next 12 months.”

The transaction is the latest of a number of significant office lettings in Derby over the past three to six months, with FHP alone having transacted on over 30,000 sq ft within that period.

Darran added: “We have seen a lot of movement across the office market in Derby this year and have been involved in some high-profile deals.

“We are seeing landlords invest in their buildings to improve the quality of the offices that are available, not only enhancing the space but also introducing more breakout rooms, amenity space and enhancing the general presentation of their building.”

In the city’s Cathedral Quarter, commercial property agents Raybould & Sons has reported a hat-trick of deals on the same street.

Acting on behalf of landlord clients, the firm has attracted Street Schmidt Kitchens, an international kitchen supplier with showrooms all over Europe, to 23 Queen Street.

It has also brought in a Derby family business, offering beauty treatments and specialising in hearing aid advice – trading as Sophie Lauren Studios – to 25 Queen Street.

Finally, Martin & Co, a well-known and long-established Derby lettings agency, has relocated from St James’s Street to 1 Queen Street, a classical Georgian building next to Derby Cathedral.

Trevor Raybould, from Raybould & Sons, said: “The Cathedral Quarter is a principal driver of inward investment into Derby, and these three deals in Queen Street are a substantial vote of confidence.”

Meanwhile, BB&J Commercial has completed a brace of lettings in the Friar Gate area of Derby.

It has let 3 and 5 Mill Street, both of which are situated in the Friar Gate Conservation Area.

3 Mill Street, a five-bedroom HMO with modern communal facilities and secure parking, has been let to new occupiers.

Next door, 5 Mill Street (The Coach House) has also been let. The property provides modern, self-contained office accommodation arranged over two floors, featuring exposed beams, stylish interiors and private gated parking.

According to Cameron Godfrey, surveyor at BB&J who oversaw the deals, the twin lettings reflect the continued demand for well-located and high-quality property within Derby’s city centre and surrounding business district.

He said: “We are really pleased to have completed these two lettings in such a prominent and well-regarded part of Derby.

“Both properties offered something different but equally attractive to the market and the strong level of demand we saw reflects the continued confidence within the city centre.”