Fully let to Nottinghamshire County Teaching PCT and Independent Training Services Limited
Accessed via the A60 Inner Ring Road (St Peter’s Way)
Close proximity to Mansfield Rail Station and opposite St Peter’s Retail Park
On-site parking for 14 cars
Nearby occupiers include Bryan & Armstrong Solicitors, Alcocks Solicitors and The Best Connection Employment Group
Lot 60
Auction 5th December 2018
Rent £50,060 per Annum Exclusive
Status Sold
Price £400,000
Sector Office
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Mapeley
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 located just off the A60 Inner Ring Road (St Peter’s Way), close to Mansfield railway station, in the heart of the town centre. Surrounding office occupiers include Bryan & Armstrong Solicitors, Alcocks Solicitors and The Best Connection Employment Group. Adjacent to the property is St Peter’s Retail Park, which houses retailers including Next, TK Maxx, Boots, Costa Coffee and Greggs.
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 located just off the A60 Inner Ring Road (St Peter’s Way), close to Mansfield railway station, in the heart of the town centre. Surrounding office occupiers include Bryan & Armstrong Solicitors, Alcocks Solicitors and The Best Connection Employment Group. Adjacent to the property is St Peter’s Retail Park, which houses retailers including Next, TK Maxx, Boots, Costa Coffee and Greggs.
Tenure
Freehold.
Description
The property comprises a three storey detached office building with the ground, first and second floor office accommodation arranged to provide two self-contained suites. The property benefits from on-site parking for 14 cars.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
EPC Rating Band C. Copy available to download from the
legal pack at www.acuitus.co.uk
Description
The property comprises a three storey detached office building with the ground, first and second floor office accommodation arranged to provide two self-contained suites. The property benefits from on-site parking for 14 cars.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
EPC Rating Band C. Copy available to download from the
legal pack at www.acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Office
191.84 sq m
(2,065 sq ft)
NOTTINGHAMSHIRE COUNTY TEACHING PCT
10 years from 27/07/2011 until 26/07/2021
£15,060
27/07/2016 (1)
First/ Second
Office
393.44 sq m
(4,235 sq ft)
INDEPENDENT TRAINING SERVICES LIMITED (2)
10 years from 22/08/2018 until 21/08/2028 (4)
£35,000 (3)
Fixed increase to £35,000 on 22/08/2020 (4)
Total
585.28 sq m
(6,300 sq ft)
£50,060
(1) The 2016 rent review is outstanding. (2) Independent Training Services was founded in 1981 as a registered charity (Source: www.ind-training.co.uk/about-us/ 01/11/2018) (3) The lease provides a mutual option to determine on 22/08/2023. (4) The current passing rent is £25,000 p.a.x. The lease provides fixed rental increases to £30,000 in August 2019 and £35,000 in August 2020. The seller has agreed to adjust the completion monies so that the first/second floors will effectively produce £35,000 p.a.x. from completion of the sale. There is a further rent review in August 2023.
Contacts
Seller's Solicitors
Clarke Willmott LLP 1 Georges Square, Bath Street Bristol BS1 6BA
