Key Information
- Ground floor let to Nero Holdings Limited
- Annual rental £66,400 per annum, based on current ground floor tenant performance
- Refurbished residential apartments
- £900,000 to reflect an initial yield to the purchaser of 6.98% after costs
- £900,000 is required for the benefit of this valuable freehold investment opportunity that will reflect a current net initial yield of 6.98%.
The site comprises an imposing four-storey corner positioned building built in traditional brick and stonework, with a mansard roof section. Internally, the ground floor provides an open plan café area, together with stores and WCs integrally connected within the basement. The three upper floors have been refurbished to provide self-contained residential accommodation in accordance with the schedule below. Access to the upper floors is via a separate front door and lobby from Angel Row.
Location
The property stands prominently at the intersection of Angel Row, Mount Street and Chapel Bar within the heart of Nottingham city centre and within 100 yards of the market square. The immediate area combines both retail and office development, creating a busy thoroughfare within the city. Maid Marian Way, the A6008, is nearby, facilitating access to many of the arterial routes serving the city, including the A52 and A453 that allows access to M1 Junctions 24 and 25.
VAT
VAT is applicable to the ground floor annual rental, though the transaction is likely to be treated as a Transfer of Going Concern (TOGC).
Service Charge
The lease to Nero Holdings Ltd makes provision for the landlord to be able to recoup costs associated with the repair and maintenance of the structure and exterior of the property, on the basis of 35% of the costs. The upper floors residential accommodation makes no provision for recovery.
Rates
(Caffe Nero) Ground Floor & Basement, 1-2 Angel Road The property is currently listed as Cafe and Premises and has a rateable value of £41,000. Source: VOA
Services
Mains electricity, water, drainage and gas are connected to the property.
EPC
Basement and Ground Floor An EPC will be provided. First Floor (Apartment 1 Bank Chambers, 1 Mount Street) The premises have an EPC assessment of: C78 Second Floor (Apartment 2 Bank Chambers, 1 Mount Street) The premises have an EPC assessment of: B81 Third Floor (Apartment 3 Bank Chambers, 1 Mount Street) The premises have an EPC assessment of: C77
Viewing
Viewings are by appointment with sole agents Innes England
Legal Costs
Each party is to bear their own legal costs incurred.
Accommodation
Measurements are quoted on a Net Internal basis in accordance with the RICS Property Measurement Second Edition.