Newcore Capital Management, a real estate investment manager, has exchanged contracts to buy a three-acre surface parking site in the centre of Derby for £6.05m.
Newcore’s Strategic Situations II, a £25m opportunistic fund, is acquiring the site on the corner of Traffic Street and Siddals Road from Speeds at a net initial yield of 7.15%. The site is mainly used for car parking but Newcore said it has significant development potential.
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