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HMG Purchase 50 King Street

LSH have sold the freehold interest of 50 King Street on behalf of Northumberland Estates to Hollins Murray Group (HMG) for an undisclosed sum. The premises comprise a basement bar accessed off South King Street and recently let to Northern Quarter operator Noho, together with a ground floor retail unit and 3 upper floors all of which are vacant. Until recently the retail accommodation was let to The Kooples.

Jonathan Thompson at LSH acted on behalf of the Vendor and said ” Northumberland Estates decided to sell this asset as it was outside of their normal geographical area and investment profile and they thought that with the growing investor and retailer confidence in King Street that now was the right time to sell. I am pleased that we have been able to sell it to a local investor who already owns property on King Street and who wants to invest in the property.

Nick Casson, CEO of HMG added ” We are delighted to have completed the purchase of another building on King Street at a time the street is improving rapidly. With the recent lettings over the last 12/18 months on King Street to the likes of Hobbs, Hawes & Curtis, El Gato Negro and Kheils amongst others, we are confident that we can achieve a letting of the ground and part first floor to a good quality retailer for Christmas trade this year.

He added ” We intend to invest a substantial sum converting the upper floors to boutique offices, accessed from South King Street, following our success at 54 and 56 King Street and we are confident that we will create great office space for SMEs looking for something beyond the norm.”

HMG were unrepresented in the deal and have retained Lambert Smith Hampton to advise on both the retail and office accommodation. Canning O’Neil have been appointed as joint agents on the office accommodation.

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