44 - 50 West Gate Mansfield Nottinghamshire NG18 1RR

44 - 50 West Gate
Mansfield
Nottinghamshire
NG18 1RR

Freehold Retail Investment (and land at the rear)

  • Let to tenants trading as Toni & Guy, CEX and Yours Clothing
  • New lease to Yours Clothing from 2017
  • Approximately 8,150 sq ft (with vacant land to the rear)
  • Asset Management Opportunities
  • Prominent position close to Marks & Spencer, Primark and The Four Seasons Shopping Centre
  • Lot
    8
  • Auction
    13th July 2017
  • Rent
    £113,500 per Annum Exclusive
  • Status
    Sold
  • Price
    £1,100,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Retail Investment (and land at the rear)

  • Let to tenants trading as Toni & Guy, CEX and Yours Clothing
  • New lease to Yours Clothing from 2017
  • Approximately 8,150 sq ft (with vacant land to the rear)
  • Asset Management Opportunities
  • Prominent position close to Marks & Spencer, Primark and The Four Seasons Shopping Centre
  • Lot 8
  • Auction 13th July 2017
  • Rent
  • Status Sold
  • Price £1,100,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
11 miles south-east of Chesterfield, 17 miles north of Nottingham
Roads
A38, A60, A617, M1
Rail
Mansfield Railway Station
Air
East Midlands Airport
Situation

The property is situated on the northern side of the pedestrianised section of West Gate, close to the Four Seasons Shopping Centre. Four Seasons Shopping Centre houses retailers including Boots the Chemist, Debenhams, Primark, Topman/Topshop, JD Sports and WH Smith. Other nearby retailers include Marks & Spencer, Costa, New Look and branches of HSBC, Barclays and Halifax banks.

Tenure

Freehold.

Location
Miles
11 miles south-east of Chesterfield, 17 miles north of Nottingham
Roads
A38, A60, A617, M1
Rail
Mansfield Railway Station
Air
East Midlands Airport
Situation

The property is situated on the northern side of the pedestrianised section of West Gate, close to the Four Seasons Shopping Centre. Four Seasons Shopping Centre houses retailers including Boots the Chemist, Debenhams, Primark, Topman/Topshop, JD Sports and WH Smith. Other nearby retailers include Marks & Spencer, Costa, New Look and branches of HSBC, Barclays and Halifax banks.

Tenure

Freehold.

Description

The property comprises three shops arranged on the ground, first and second floors. There is a large site to the rear of the property which provides car parking for 14 cars, which is vacant and may be suitable for redevelopment.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises three shops arranged on the ground, first and second floors. There is a large site to the rear of the property which provides car parking for 14 cars, which is vacant and may be suitable for redevelopment.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit Floor Use Floor Areas (Approx) Tenant Term Rent p.a.x Review/
(Reversion)
44-46 Ground
First
Retail/Ancillary
Ancillary
207.63 sq m
100.33 sq m
(2,235 sq ft)
(1,080 sq ft)
YOURS CLOTHING
LIMITED (1)
5 years from
03/02/2017
(2)
£40,000 (3) (02/02/2022)
48 Ground
First
Retail/Ancillary
Ancillary
199.27 sq m
102.65 sq m
(2,145 sq ft)
(1,105 sq ft)
CEX (FRANCHISING)
LIMITED (4) with a
guarantee from CEX
LIMITED (4)
10 years
from
28/09/2010
(5)
£50,000 (27/09/2020)
50 Ground
First
Second
Retail/Ancillary
Ancillary
Ancillary
72.93 sq m
46.45 sq m
27.87 sq m
(785 sq ft)
(500 sq ft)
(300 sq ft)
TONI & GUY HOLDINGS
LIMITED (6)
10 years
from
04/03/2015
(7)
£23,500 04/03/2020
(03/03/2025)
Land Rear of
Site
Approximately
14 Car Parking
Spaces
-
(-)
VACANT - - -
Totals  
757.13 sq m
(8,150 sq ft)
    £113,500  

(1) Yours Clothing offers plus size clothing for women and men, operating from over 70 stores throughout the UK. For the year ending 31st January 2016, Yours Clothing Limited reported a turnover of £65,687,523, pre-tax profits of £1,872,914 and a total net worth of £6,225,683 (Source: Experian Group 07/06/2017).
(2) The lease is subject to a tenant option to determine on 03/02/2020.
(3) The tenant is paying a reduced rent of £20,000 per annum for the first 18 months of the lease. The Vendor has agreed to adjust the completion monies so that this unit will effectively produce £40,000 per annum from completion of the sale.
(4) CEX trade from about 350 stores in the UK. For the year ending 30th June 2016, CEX Franchising Limited reported a turnover of £24,257,156, pre-tax profits of £849,095 and a total net worth of £7,750,501. For the year ending 30th June 2016, CEX Limited reported a turnover of £141,644,952, pre-tax profits of £1,251,804 and a total net worth of £569,430 (Sources: www.uk.webuy.com and Experian Group 07/06/2017).
(5) The vendor has been in discussions with CEX and they have proposed to take a new 10 year lease, without break, at a rent of £40,000 per annum.
(6) For the year ending 31st August 2015, Toni & Guy Holdings Limited reported a turnover of £2,943,855, a pre-tax profit of £2,538,496 and a total net worth of £14,220,205 (Source: Experian Group 07/06/2017).
(7) The lease is subject to a tenant option to determine on 03/03/2020.

Property Documents

  • Catalogue Page
    Updated Date
    01.11.19
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    01.11.19
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Seller's Solicitors
Wall James Chappell 15 - 23 Hagley Road
Stourbridge
West Midlands
DY8 1QW
Ruth Latham 01384 371 622r.latham@wjclaw.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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