FOR SALE Modern mixed use investment opportunity 131 Chatsworth Road Chesterfield Derbyshire S40 2AU gva.co.uk/8990
Investment Summary Attractive mixed use parade located on a busy link road to Chesterfield town centre Fully let to a good tenant mix including a well-established restaurant operator Freehold Total passing rent of 227,300 per annum Offers in excess of 2,500,000 Attractive Net Initial Yield of 8.6%
Location 131 Chatsworth Road is located in Chesterfield, Derbyshire. The property lies approximately 0.5 miles to the west of the town centre on the busy A169 link road. Chesterfield is an historic market town on the A61, 12 miles south of Sheffield, 24 miles north of Derby and 6 miles from Junction 29 of the M1 Motorway. The town benefits from good rail communications with travelling times to Sheffield (15 mins), Leeds (1 hour), Manchester (1 hour 20 mins) and London St Pancras (1 hour 50 mins). Chesterfield is the largest town in Derbyshire with a resident population of 190,000 living within 15 minutes drive of the centre. Chesterfield benefits from its close proximity to the Peak District National Park which attracts in excess of 10 million visitors each year. A519 TAPTON OLD BRAMPTON A61 Chesterfield BRIMINGTON COMMON NEWCASTLE YORK LEEDS MANCHESTER SHEFFIELD A619 Chatsworth Road TOWN CENTRE Queen s Park CHESTERFIELD A617 SPITAL LIVERPOOL BIRMINGHAM HOLYMOORSIDE A61 HASLAND BRISTOL LONDON WALTON Derby Road
Situation The subject property is situated in the prestigious west side of the historic market town of Chesterfield. The local area has mixed uses and has undergone significant regeneration over recent years. The town centre retailing and other amenities are within a 10 minute walk from the subject property. Chatsworth Road is home to a wide range of national retail and leisure operators including Lidl, Majestic Wine, Pizza Hut, KFC and Matalan. Immediately adjacent to the subject property is Bradbury Place, a recently completed, attractive residential complex attracting new upwardly mobile home owners which has benefited the surrounding area. The development of the Chatsworth Road area has gained significant momentum over recent years resulting in an increasingly vibrant retail and leisure destination. This has nurtured local businesses, attracted new arrivals and generated additional residential development. This trend looks set to continue from further regeneration with current plans including the redevelopment of a 5 hectare, former factory site, the restoration of a Grade II Listed Mill and the redevelopment of remaining industrial land and buildings for a mix of retail, business, residential and community purposes.
Description The property comprises a two storey building of steel frame construction with attractive elevations clad with terracotta and insulated anthracite tiles. The building is surmounted by a mono pitched insulated profile metal roof. There are a total of eight retail units and a restaurant over the two floors within a purpose built parade which was developed circa 2008. The shop frontages are fully glazed, the first floor is accessed via stairs and a DDA ramp. To the first floor there is an attractive walkway with stainless steel handrail and glazing. Nonna s Italian restaurant, located on the ground and first floor levels, has the added benefit of a terraced area which wraps around the western side of the development. The onsite car parking provision is located immediately in front of the building allowing for up to 11 cars. In addition there is further parking along Chatsworth Road available 24 hours a day, 7 days a week providing sufficient, convenient access for both restaurant and retail customers.
Tenancy Schedule/Accommodation Demise Tenant Lease Start Lease Expiry Review Accommodation (sq.ft) Rent (PA) Comments 1A,1B Ground Floor 2A First Floor Nonna s (Chesterfield) Ltd 29/05/2009 28/05/2024 29/05/2019 Gd F 2,645 1st F 1,555 Total 4,200 70,000 Current rent passing 59,000pa which increases to 62,000 pa 29/5/2016, 66,000 pa 29/05/2017 and 70,000 pa 29/05/2018. The vendor will top the rent up to 70,000 pa. 1C,1D,1E Ground Floor Peak 2000 Limited 18/05/2009 17/05/2019 2,596 50,000 Tenant did not exercise 2014 break option. 1F Ground Floor Blanc Retail Ltd 01/04/2011 31/03/2021 01/04/2016 865 18,000 Tenant option to break 29/09/2016, subject to 6 months notice. Current rent passing 17,000 pa which increases to 18,000 pa 01/04/2016. The vendor will top this up. 1G Ground Floor 2B First Floor 2C First Floor 2D First Floor 2E First Floor David & Sue May t/a Black Eyed Susan Ideal Carpets of Chesterfield Ltd Kathryn Newman t/a Eleanor Rose Lingerie Janice Palmer & Hazel Palmer t/a Dragonfly Precious Bridal Rooms Ltd 09/10/2012 08/10/2016 09/10/2015 865 10,000 Current rent passing 6,500 pa which increases to 10,000 pa 09/10/2015. The vendor will top this up. 20/07/2011 19/07/2021 20/07/2016 865 12,500 Tenant option to break 20/01/2018 subject to 6 months notice. Personal Guarantee from Kevin Howarth. 20/05/2015 19/05/2020 865 12,500 Tenant rent deposit of 3,750. Current rent passing 6,250 pa which increases to 12,000 pa 20/11/2015. The vendor will top this up. 14/12/2009 13/12/2019 865 13,500 07/09/2009 06/09/2019 865 13,500 2F, 2G First Floor Samantha Hawes t/a The Look Hair Salon 29/09/2012 28/09/2022 29/09/2019 1,768 27,300 September 2017 agreed informally as next review date. Total 13,754 227,300
Site The total site area extends to approximately 0.378 acres.
Tenure Freehold VAT The property is elected for VAT and therefore it is anticipated that the sale will be treated as a transfer of going concern (TOGC). EPC Information on EPC s can be downloaded from the marketing website gva.co.uk/8990.
Proposal Offers are sought for the freehold interest in excess of 2,500,000, reflecting a net initial yield of 8.60% allowing for usual purchase costs of 5.8%. Further information David Winterbottom T. 0161 956 4103 M. 07836 225 552 david.winterbottom@gva.co.uk Bruce Edmondson T. 0113 280 8071 M. 07944 895 576 bruce.edmondson@gva.co.uk Ben Hall T. 0113 280 8064 M. 07855 814 516 ben.hall@gva.co.uk gva.co.uk/investment
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