Shop which housed Beverley's oldest retailer Briggs & Powell has been sold
An investor has acquired the former Briggs & Powell shop in Beverley
By Hull Daily Mail | Posted: 17 Jul 2017
A prime Beverley shop building, previously occupied by the town’s oldest retailer Briggs & Powell, has been sold.
An out-of-town investor has acquired the premises in Saturday Market, which went on the market in February for offers over £750,000 for the freehold with vacant possession.
It is understood the buyer is likely to start work on the property as soon as possible with the hope of securing a tenant to fit out and trade before Christmas.
This would be subject any planning consent depending on the ultimate use.
Scotts Property LLP received multiple bids for the property, which Briggs & Powell had occupied as a hardware store since 1896 before closing down in February.
Chris Mason, who handled the sale, was not surprised at the high level of interest in the vacant central property, which has scope for a wide range of potential uses, from retail to food and drink.
He said: “The property was always going to attract strong interest.
“It is a substantial freehold property ideal for an owner to occupy or to lease to a quality tenant to then hold or sell as an investment.
“We were contacted by a number of retailers expressing an interest in leasing the premises in the event the property was sold to an investor seeking to secure a tenant.
“We understand this is the intention of the purchaser, who already has a number of potential occupiers interested with every chance of further tenant enquiries being generated if openly marketing the space to let.
“Beverley centre remains a sought after location for retailers as demonstrated with the likes of Hotel Chocolat, Seasalt and Mint Velvet recently making representation in the town.
“Retail investments offered attract high levels of interest and strong yields reflecting good tenant demand, security of income and rental growth prospects.
“I am sure that the ultimate occupier of Briggs & Powell will be another great addition to the attraction of the town centre”.
Briggs & Powell closed after falling victim to 21st century shopping habits.
Online shopping and shopping parks with free parking took away custom from the family-run hardware and electrical store.
The shop also struggled to recover from disruption caused by a multi-million pound market place revamp, which took 15 months to complete in 2014/15.
World's leading electric vehicle manufacturer commits to Hull's 200m energy park plan