The property comprises an exhaust and tyre depot of a steel frame construction with part blockwork and part solid brick elevations under a flat felted roof. It incorporates a tarmacadam and concrete surfaced forecourt onto which open four servicing bays incorporating full height steel roller shutter doors. To the right is located a customer reception area with timber frame glazed elevations and security steel roller shutter doors. There is access from the side to the rear tarmacadam and concrete surfaced customer parking and loading area, onto which the rear elevation of the depot incorporates two steel roller shutter doors. Internally, the accommodation is configured to provide the customer reception area, workshop, WC, kitchen/ office, part store and rear tyre depot.
Location
Nottingham is regarded as the Regional capital of the East Midlands, and with nearby centres including Loughborough approximately 15 miles (24.1 km) to the south, Mansfield approximately 15 miles (24.1 km) to the north, Derby approximately 16 miles (25.7 km) to the west, Newark upon Trent approximately 21 miles (33.8 km) to the north east. London lies approximately 128 miles (206 km) to the south and Birmingham 51 miles (82 km) to the south west. Major nearby roads are the M1, M52 and A453 with East Midlands Airport approximately 13 miles (20.9 km) south west of the city.
Nottingham’s mainline railway station runs services to London’s St Pancras in approximately 1 hour and 50 minutes. According to the 2011 Census, Nottingham has a population of 305,680 of which 232,072 are of working age. There are 142,327 economically active people within the area, representing 61.3% of the local population, of which, the largest proportion (27.4%) are in routine/semi-routine occupations.
The property is located in New Basford which lies to the north of the city centre, fronting Nottingham Road (B682) close to its junction with Zulu Road. In addition, Nottingham’s Outer Ring Road (A6514) is within close proximity. This is an established mixed commercial and residential area with other nearby occupiers including Sainsbury’s, Ladbrokes, Pure Gym Limited, Nissan, Renault and Mazda Dealerships together with established Nottingham company’s DSL Group (Nottingham) Limited and SQP International Limited.
Accommodation
The property has been measured on a gross internal basis in accordance with the RICS Code of Measuring Practice. All figures quoted are for guidance purposes only.
Size
5,092 sq ft (473.085 sq m)
Terms
Lease
The entire property is let to Kwik-Fit Properties Limited for a term of thirty years with effect from 22 December 1997 on a full repairing and insuring lease, with a guarantee from Kwik-Fit Holdings Limited at a rental of £XXX per annum (equating to £XXX per sq ft).
Covenant Strengt
Kwik-Fit was purchased by the Itochu Group, one of Japan’s leading conglomerates in July 2011 for a reported £XXXM with over six hundred branches in the UK, servicing the requirements of more than 7.5M motorists a year in the UK alone. Kwik-Fit Properties reported a net worth of £XXX in March 2013 and Kwik-Fit Holdings Limited a net worth of £XXX in March 2013 with a D&B Rating of 3A1 and 5A1 respectively.
VAT
VAT will be payable on the purchase price.
Proposal
Offers are sought at £XXX subject to contract and exclusive of VAT, reflecting an attractive net initial yield of 6.75%, allowing for purchasers costs of 5.8%
Viewing
Strictly by appointment only with the Joint Sole Agent Savills and Campsie.
Specification
- Extensive linear frontage to Nottingham Road (B682)
- Let to Kwik Fit Properties Limited for a term of 30 years with effect from 22 December 1997, with a guarantee from Kwik Fit Holdings Limited
- 0.373 acres (0.151 hectares)
- Kwik Fit Properties Limited reported a net worth of £XXX in March 2013, with the guarantor
- Kwik-Fit Holdings Limited, reporting a net worth of £XXX in March 2013
- EPC - D (91)