Multi-let retail parade with self-contained offices above
Comprises six shops including Connells Residential Estate Agent and Recruitment Agency
Two shops let on new leases from 2017
Approximately 6,400 sq ft of self-contained accommodation above
Asset management opportunities including change of use of upper parts
Town centre location opposite large Sainsbury's supermarket and close to Coopers Square and Burton Place Shopping Centres
VAT-free Investment
Lot 36
Auction 14th February 2018
Rent £61,200 per Annum Exclusive
Status Sold
Price £795,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
22 miles south-west of Nottingham, 25 miles north-east of Birmingham
Roads
A511, A5121, A5189
Rail
Burton-on-Trent Railway Station
Air
Birmingham International Airport
Situation
The property occupies a prominent corner position fronting Station Street and Union Street and opposite a large Sainsbury's supermarket. Other occupiers on Station Street include Costa, Burton and McDonald’s, along with branches of Yorkshire and TSB banks. Coopers Square and Burton Place Shopping Centres are located nearby, with retailers including Marks & Spencer, Boots the Chemist, WHSmith, Greggs and JD Sport, along with a car
park for over 600 cars.
Tenure
Freehold.
Location
Miles
22 miles south-west of Nottingham, 25 miles north-east of Birmingham
Roads
A511, A5121, A5189
Rail
Burton-on-Trent Railway Station
Air
Birmingham International Airport
Situation
The property occupies a prominent corner position fronting Station Street and Union Street and opposite a large Sainsbury's supermarket. Other occupiers on Station Street include Costa, Burton and McDonald’s, along with branches of Yorkshire and TSB banks. Coopers Square and Burton Place Shopping Centres are located nearby, with retailers including Marks & Spencer, Boots the Chemist, WHSmith, Greggs and JD Sport, along with a car
park for over 600 cars.
Tenure
Freehold.
Description
The property comprises a detached unbroken retail parade comprising six shops arranged on the ground floor, with self-contained office accommodation on the first floor and a martial arts studio on the second floor, accessed from Union Street.
VAT
VAT is not 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 a detached unbroken retail parade comprising six shops arranged on the ground floor, with self-contained office accommodation on the first floor and a martial arts studio on the second floor, accessed from Union Street.
VAT
VAT is not 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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
Ground (Unit 6)
Retail/Ancillary
67.64 sq m
(728 sq ft)
CONNELLS RESIDENTIAL (1) t/a Burchell Edwards
10 years from 28/04/2008
£16,500
(27/04/2018)
Ground (Unit 5)
Retail/Ancillary
28.97 sq m
(312 sq ft)
DRAEFERN LIMITED (2) t/a GI Group Recruitment
10 years from 15/06/2010
£11,500
(14/06/2020)
Ground (Unit 4)
Retail/Ancillary
70.58 sq m
(760 sq ft)
MR & MRS A GIBBONS t/a Sunny Dee’s Tanning Studio
10 years from 25/03/2017 (Lease Renewal) (3)
£17,000
25/03/2022 (24/03/2027)
Ground (Unit 3)
Retail/Ancillary
76.15 sq m
(820 sq ft)
GREELY’S LIMITED with personal guarantee t/a Britannia Kebab House
10 years from 16/10/2017 (4)
£11,000 (5)
16/10/2022 (15/10/2027)
Ground (Unit 2)
Retail/Ancillary
73.81 sq m
(794 sq ft)
VACANT
-
-
-
Ground (Unit 1)
Retail/Ancillary
73.18 sq m
(788 sq ft)
ZPZZ LIMITED t/a Delightful Desserts
5 years from 2018 (6)
£11,800 (6)
(2023)
First
Offices
317.00 sq m
(3,412 sq ft)
VACANT
-
-
-
Second
Martial Arts Studio
277.63 sq m
(2,988 sq ft)
J JEPSON ESQ t/a Martial Arts Burton
5 years from 16/08/1999
£5,200
(Holding Over)
Total
984.96 sq m
(10,602 sq ft)
£61,200 rising to £73,000 (6)
(1) For the year ending 31/12/2016, Connells Residential reported a turnover of £90,394,000, pre-tax profits of £10,253,000 and a total net worth of £16,031,000 (Source: Experian Group). (2) For the year to 12/16, Draefern Ltd reported a turnover of £37.9 m, pre-tax profits of -£681,424 and a net worth of £3.78 m (Source: Experian Group). (3) The lease is subject to a tenant option to determine in March 2022. The tenant trades from one other shop. (4) The lease is subject to a tenant option to determine in October 2022. (5) The tenant benefits from six months half rent period to expire 16th April 2018. The Vendor has agreed to adjust the completion monies so that the unit effectively produces £11,000 p.a.x. from completion of the sale. (6) Terms agreed for a new 5 year lease at £11,800 per annum with six months rent free. The proposed tenant would like to take occupation by 1st February 2018 (www.delightfuldesserts.co.uk).
