Norman House
Friar Gate
Derby
Derbyshire
DE1 1NU

City Centre Office and Retail Investment

  • 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
    23/May/2019
  • Rent
    £191,269 per Annum Exclusive
  • Status
    Available
  • Price*
    £2,100,000
  • Sector
    Office
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
  • Norman House<br>Friar Gate<br>Derby<br>Derbyshire<br>DE1 1NU
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* More information on the term "price" can be found here

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.

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

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
Part GroundOffices/
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)
£157,26913/06/2023
13/06/2028
Part GroundOffices/
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
£18,00014/12/2022
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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    14.05.19
    File Size
    74 MB
    Login to View
  • Catalogue Page
    Updated Date
    01.05.19
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    01.05.19
    File Size
    4 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Seller's Solicitors
JMW Solicitors 1 Byrom Place
Manchester
M3 3HG
Rose Reynolds 0161 838 2848Rose.reynolds@jmw.co.uk

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