Commercial Building, Westminster Drive, Upper ... - Trafford Oliver

COMMERCIAL BUILDING, UPPER SAXONDALE, NOTTINGHAM MIXED USE INVESTMENT FOR SALE

NOTTINGHAM – Commercial Building, Westminster Drive, Upper Saxondale, NG12 2NL

TRAFFORD OLIVER 17 Regent Street, Nottingham, NG1 5BS

T: 0115 9598848 E: [email protected] W: traffordoliver.co.uk


INVESTMENT SUMMARY  Excellent mixed use investment opportunity.  Total income of £70,200 pax rising to £72,700 pax in 2017.  Let to Venezia Italian Restaurant, Office Occupiers and Beauty

It is a predominantly residential area and is located within the parish of Radcliffe on Trent in the borough of Rushcliffe. The village was developed around the conversion of a former Victorian Hospital with further homes built within the old hospital grounds. The subject property is located in the heart of the village, being situated opposite the Church on Westminster Drive, which is the main spine road running through the heart of the village.

Salons.

 Asset management & long term development opportunities.  Strong position within the heart of the affluent village of Upper Saxondale.

 Freehold.  Offers in excess of £750,000 (seven hundred and fifty thousand pounds) reflecting a net initial yield of 8.88% and a reversionary yield in September 2017 of 9.20%. Location Nottingham has an estimated population of 310,800 with the wider urban area, which includes many of the city's suburbs, having a population of 729,977. Its urban area is the largest in the East Midlands and the second largest in the Midlands. Upper Saxondale is situated approximately 7 miles east of Nottingham off the A52, which provides easy access to Nottingham and linking with the A46 Fosse Road 1 mile further to the east.




Description & Accommodation The property was previously the Central Administrative building for the hospital complex until the hospital closed. It was extensively refurbished to a high standard and now provides a central commercial focus for the village. The property is of solid brick construction with decorative stone features under a pitched tiled roof and offers accommodation on Ground and First Floors. The building is occupied by a restaurant with bar; with four separate offices and two beauty salons.

We calculate the site area via Promap to be approximately: 0.173 hectares

0.427 acres

For Identification purposes only

Car sparking facilities for both staff and customers are provided on site, on a shared basis. Detail of the accommodation provided is shown in the Schedule below.




Tenancy Schedule Unit

TENANT

Area (sq ft)

Rent (£ pa)

Lease Start

Lease Expiry

Break (year)

Rent Reviews

NOTES

GF Restaurant

Erjon Ferracaku & Blerim Eles Aga t/a Venezia

2,536

£25,000

10-Sep-14

9-Sep-24

3

Upward only 3 yearly to OMV

Rent rising to £27,500 pa Sept 2017

GF & FF Office

Fashion Personnel Ltd

1,165

£18,500

11-Aug-14

10-Aug-19

3

Year 3

Inside Land (Midlands) Ltd**

416

£ 6,250

01-Jul-14

01-Jul-17

Annual

Upward only 3 yearly to OMV

Vacant

1,107

£10,000

Vacant

Vacant

Susanna Emily Storr t/a Loft Beauty

752

£7,250

03-Apr-02

02-Apr-07

Annual for 1st 3 years

Sarah Jane Storey

215

£3,200

19-May-13

18-May-16

18-Nov-14

TOTAL

6,641

£70,200

FF Office Unit A FF Office Unit E FF Salon Unit B FF Salon Unit C

Upward only 3 yearly to OMV Upward only at Year 3 to OMV

£3,000 rent deposit held Vendor will provide 12 months rent, rates, service charge guarantee Holding over - 3 months’ notice at any time In occupation since 2002 £1,000 rent deposit held

**The tenant has served Notice to exercise its Break Option effective 30 June 2016. The vendor will provide 12 months rent, rates, service charge guarantee

Income The overall current income is £70,200 per annum, rising to a minimum of Stephenson Drive, Leicester LE3 9AE Office Units E & A are by then £72,700 per annum in September 2017; assuming let at rents of £10,000 per annum and £6,250 per annum respectively. Service Charge There is a service charge in relation to the external areas such as external repairs and maintenance to the building itself along with parking/landscaping within the overall property. The service charge also covers some of the utilities within building where these are shared and not separately metred. Further information is available on request.


Planning From investigations made via the Planning section of the Rushcliffe Borough Council website, and verbal enquiries of the Planning Department; we understand that the property is not Listed but does fall within the Upper Saxondale Conservation Area. Interested parties with any planning queries should direct their enquiries to Rushcliffe Borough Council. Energy Performance Certificates EPCs have been commissioned and the individual asset ratings for the various parts of the building will be available upon request.



Covenant Information Fashion Personnel - Company No. 2608639 Launched in 1991, the company deals in Fashion Recruitment through 7 divisions, covering the entire fashion and retail industry. With offices in London's West End and Nottingham, they recruit for fashion and retail jobs throughout the UK and internationally: http://www.fashionpersonnel.co.uk/ The latest accounts for the period ending 30 Jun 2014 showed Turnover £2,342,899 Pre-tax profits £ 278,421 Shareholders’ Funds £ 737,579

The Loft Hair Studio is a boutique salon with an experienced team of stylists and beauty therapists. The Loft has been operating within the property since 2002. Website: http://www.thelofthairstudio.co.uk/ Sarah Storey Beauty and Wellbeing Therapies is another salon offering a full range of treatments and therapies including massage, facials, sunless tanning and waxing. Sarah Storey has a particular specialism in remedial massage. Website: http://www.sarahstoreybeauty.co.uk/

The remaining tenants are all private individuals/private limited company with no published accounts. Venezia is a popular traditional Italian restaurant offering fine dining and caters for weddings, business functions, christenings and parties. Website: http://www.venezia-restaurant.co.uk/ Inside Land (Midlands) Ltd is a property consultancy established in 2007 operating throughout the UK. The company’s primary objective is to source and acquire land opportunities to meet the active requirements of house builders, commercial developers, private investors and investment funds. Website: http://www.insideland.co.uk/




Location Maps




PROPOSAL Offers in excess of £750,000 (seven hundred and fifty thousand pounds) are invited for the freehold interest, subject to the Leases as described within these particulars. A purchase at this level will reflect the following: net initial yield reversionary yield

8.88% 9.20%

(September 2017)

assuming normal purchasers costs of 5.4%. Details dated April 2016.

Contact For further information or to arrange an inspection please contact: Charles Trafford Trafford Oliver T: 0115 9598848 [email protected]

DISCLAIMER NOTICE:

Trafford Oliver Ltd for themselves and the Sellers or the Lessors of this property, who’s Agents they are, give notice that: 1.The Particula rs are a general outline of the property only for the guidance of intended Buyers or Lessees and do not constitute any part of an offer or a contract. 2. All descriptions, dimensions, references to condition and other details are given without responsibility and may not be relied on as statements or representations of fact. Any reference to the use or occupation of the propert y or alterations does not imply that any necessary permissions have been obtained and any intended Buyer or Tenant must make his own enquiries. 3. Any Buyer or Tenant must satisfy himself by inspection or otherwise as to the correctness of any information provided by Trafford Oliver Ltd. 4. No person in our employment has any authority to make or give any representation or warranty whatsoever in relation to the property.

