For Sale Prominent Main Road Retail / Residential Investment Opportunity 51-53 Mansfield Road Nottingham, NG13FH
Location The property is located in Nottingham, a city and unitary authority area in the East Midlands with a city population of 314,000 with a wider urban population of 729,000. Nottingham benefits from excellent transport infrastructure with a mainline rail station providing services to London within 1 hour and 24 minutes, a Nottingham-wide tram network and Junction 26 of the M1 lying only 4 miles to the north west. The property lies approximately 250m to the north of Nottingham s Retail Core on the A60 Mansfield Road, a main arterial route into the City Centre leading from Mansfield 24km (15 miles) to the north. The subject property provides road frontage to Mansfield Road and backs on to Bluecoat Close providing rear access to the property. The local area is a well-established and popular student and retail location with a number of retail units and HMO s in the vicinity. Nottingham Trent University and the Victoria Shopping Centre are located within 250m of the property making this location highly attractive to students looking to secure private sector accommodation. The Property
Description The property comprises a 19th century double fronted, stone built 3-storey premises with a pitched slate-tiled roof. Pedestrian access is available off Mansfield Road and to the rear off Bluecoats Close where a hard surfaced area provides parking for approximately 8 cars (four to each external yard). The property occupies a rectangular shaped site abutting Bluecoat Close to the rear. The property has a non-traditional hard retail frontage with glazed arch windows and decorative stone/render work with two access doors. We understand the internal accommodation consists of two connected ground floor retail units with basement storage and being currently occupied by an estate agency, with the upper two storeys comprising of two self-contained, six bedroom apartments utilised as student accommodation.
Accommodation The site area is 0.028 hectares (0.070 Acres). The ground floor retail unit has a net internal area of 108.4 sq m (1,166 sq ft). The basement stores provide a further 99.8 sq m (1,074 sq ft) of accommodation. The first and second floors comprise of two six-bedroom apartments providing twelve student letting rooms.
Tenancy Student Numbers Flat 1 was fully let for the 14/15 Academic year. 5 out of the 6 bedrooms within Flat 2 were let for the 14/15 Academic year. Gross rental receipts for the 14/15 Academic year were; Flat 1: 18,252 (39 week agreement). Flat 2: 15,600 (39 week agreement). These are all inclusive rates with a set utilities cap of 2,304.00 per apartment. The ground floor estate agency is let to Robin Thomson and in use as an estate agency on the following terms; Nottingham has a total student population of circa 65,000 and benefits from two of the most wellregarded higher education institutions in the UK, The University of Nottingham and Nottingham Trent University. The property is well located to serve both with Nottingham Trent s main City Centre campus within a 10 minute walk and direct buses to the University of Nottingham within a 5 minute walk. Tenure Tenant Robin Thomson Term end date 16 November 2014 (Holding over on a Tenancy at Will) Date of lease 17 November 2009 The property is held freehold title number NT364441. Rent p.a. 17,000 Demise Insurance Repair Basement and ground floor offices including four car parking spaces within the rear yard. To Pay a contribution to the Landlord To keep the whole of the Premises in good and substantial repair and condition
Further Information Business Rates / Council Tax The rateable value of the property is 8,700. The Uniform Business Rate multiplier for 15/16 is 49.3p. Both apartments have a council tax banding of B. EPC Flat 1, 51 Mansfield Road has an EPC rating of C (71). Flat 2, 51 Mansfield Road has an EPC rating of D (57). A copy of the EPC relating to the ground floor unit is available on request. 53 Mansfield Road: James France 08449 02 03 04 GVA james.france@gva.co.uk Alex Sweetman 08449 02 03 04 GVA alex.sweetman@gva.co.uk gva.co.uk/9168 Planning All planning related queries should be directed to Nottingham City Council Local Planning Authority on 0115 876 4447. GVA City Point, 29 King Street, Leeds LS1 2HL Subject to Contract September 2015 Or for any other investment sales please visit: gva.co.uk/investment
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