Let to tenants including Smiths (Solicitors) LLP and Derby & Derbyshire Local Medical Committee Limited
Smiths (Solicitors) LLP lease expires June 2033 (subject to option)
Major refurbishment of offices recently carried out
Offices recently refurbished to high specification
Approximately 16,950 sq ft of office and retail accommodation
Located in Derby's desirable Cathedral Quarter, which is home to numerous high-quality shopping outlets and professional business services
Lot 30
Auction 23rd May 2019
Rent £191,269 per Annum Exclusive
Status Withdrawn Post
Price
Sector Office
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
15 miles west of Nottingham
28 miles north-west of Leicester
Roads
A6, A38, A52, M1 (Junction 25)
Rail
Derby Railway Station
Air
East Midlands International Airport
Situation
The property is situated on the southern side of Friar Gate, which is located in the destination leisure and restaurant area for the city, the Cathedral Quarter. Renowned for its historic surroundings, the Cathedral Quarter is home to high-quality shopping outlets, professional business services, a bustling market and an abundance of excellent bars, cafés, restaurants and entertainment venues.
Tenure
Virtual Freehold. To be held for a term of 999 years from completion at a fixed peppercorn rent.
Location
Miles
15 miles west of Nottingham
28 miles north-west of Leicester
Roads
A6, A38, A52, M1 (Junction 25)
Rail
Derby Railway Station
Air
East Midlands International Airport
Situation
The property is situated on the southern side of Friar Gate, which is located in the destination leisure and restaurant area for the city, the Cathedral Quarter. Renowned for its historic surroundings, the Cathedral Quarter is home to high-quality shopping outlets, professional business services, a bustling market and an abundance of excellent bars, cafés, restaurants and entertainment venues.
Tenure
Virtual Freehold. To be held for a term of 999 years from completion at a fixed peppercorn rent.
Description
The property comprises two recently refurbished ground floor office suites and a ground and part first floor retail unit fronting Friar Gate, forming part of a larger building. The office suites both benefit from a new HVAC comfort cooling system, LED lighting, raised access floors and right to use 50 car parking spaces (5). The upper floors, which are residential, are let on a long lease.
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 two recently refurbished ground floor office suites and a ground and part first floor retail unit fronting Friar Gate, forming part of a larger building. The office suites both benefit from a new HVAC comfort cooling system, LED lighting, raised access floors and right to use 50 car parking spaces (5). The upper floors, which are residential, are let on a long lease.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Part Ground
Offices/ Ancillary
1,203.97 sq m
(12,960 sq ft)
SMITHS (SOLICITORS) LLP (1)
15 years from 13/06/2018 until 12/06/2033 (2)
£157,269
13/06/2023 13/06/2028
Part Ground
Offices/ Ancillary
223.40 sq m
(2,405 sq ft)
DERBY & DERBYSHIRE LOCAL MEDICAL COMMITTEE LIMITED (3)
A term of years from 14/12/2017 until 24/11/2026
£18,000
14/12/2022
Part Ground/ Part First
Retail/ Ancillary
147.31 sq m
(1,585 sq ft)
JAMES CORBETT LIMITED t/a Firefly Photography (4)
5 years from 08/10/2016 until 07/10/2021
£16,000
-
Total Commercial
1,574.68 sq m
(16,950 sq ft)
£191,269
(1) Launched in 1987, Smith Partnership Solicitors now includes 28 partners and over 200 staff spread across eight East Midlands offices, including Burton upon Trent, Swadlincote, Stoke-on-Trent and Leicester (Source: www.smithpartnership.co.uk 11/01/2019). (2) The lease provides for a tenant option to determine on 13th June 2028. (3) Derby and Derbyshire Local Medical Committee Limited (DDLMC) is funded by the Local Medical Committee levy and has been in existence for over 100 years (Source: www.derbyshirelmc.org.uk 11/01/2019). (4) Firefly Photography was founded in 2001 and has since developed into an award winning studio. They also operate at another satellite studio based near Lichfield (Source: www.fireflyphotography.co.uk 11/01/2019). (5) Right to use 50 car parking spaces, so far as the Seller is able to grant the same, please see legal pack. NB. The Seller has served notices on the residential tenants, pursuant to Section 5B of the Landlord & Tenant Act 1987.
