The property comprises basement, ground and two upper floors erected by Barclays Bank for their own occupation in the late 1960s/early 1970s. As far as we can ascertain, the property is of reinforced concrete frame construction.
The front elevation above ground floor level is clad with local stone including projecting mullions and transoms. The rear and flank elevations are formed with a cavity masonry envelope with outer leaf facing of brickwork. The building is surmounted by a series of flat roofs arranged over various levels.
Barclays Bank currently occupy the basement, ground and first floors. The ground floor is utilised for normal service banking whereas the first floor is ancillary offices.
Greggs occupy ground floor and basement premises.
The property has the benefit of second floor offices, let separately and approached via a separate side access. There is also an emergency access from the first-floor offices onto this stairwell, thus enabling the first floor to be sublet if so required later.
The first and second floors are open plan, although have been divided up with internal stud partitioning to provide offices of various sizes. The basement accommodation incorporates a strong room.
Pedestrian access is provided to the rear of the premises via a passageway shared with the adjacent premises occupied by Capo Lounge.
A comprehensive set of internal photographs are available upon request.
Location
Mansfield is an established market town in North Nottinghamshire situated approximately 15 miles north of Nottingham and 24 miles south of Sheffield.
Mansfield has a population of some 110,482 persons according to the 2021 Census, which represents 13.39% of the total Nottinghamshire County resident population of some 824,822 people (source: Mansfield District Council/2021 Census).
Mansfield is undergoing a large extension known as the Berry Hill development which is a £250 million, 480-acre site extending to the south of Mansfield providing an extension to Berry Hill bringing new homes and jobs for the area. This will feature approximately 1,700 new homes together with convenience retail, health centre, new schools, care homes and new green space. In addition, the development will provide approximately 31,000m² of commercial space and 190,000m² of work floor space (source: Nottinghamshire County Council).
Market Place and West Gate are the prime pedestrianised retail areas within the town centre. The Four Seasons Shopping Centre is situated directly behind the subject premises. The Market Square is home to the town’s open market. Nearby occupiers include Superdrug, Hayes Travel Agents, New Look, M & S, McDonalds, Holland & Barrett, River Island, Savers, F Hinds and Birds.
Accommodation
19-20 Market Place - Barclays Bank Plc:
Ground Floor - 325.64 sq m (3,505 sq ft)
First Floor - 229.12 sq m(2,466 sq ft)
Basement - 138.13 sq m (1,487 sq ft)
Total - 692.89 sq m (7,458 sq ft)
21 Market Place - Greggs Plc:
Ground Floor - 73.1 sq m (87 sq ft)
Basement - 57.1 sq m (615 sq ft)
Total - 130.2 sq m (1,407 sq ft)
19-21 Market Place, Barclays Chambers - Evolution Industrial Ltd:
208.3 sq m (2,247 sq ft)
TOTAL - 1,031.39 sq m (11,102 sq ft)
Site Area - 0.125 acres (0.05 hectares).
Terms
Income and Asset Management - This property currently produces an income of £130,800 per annum in accordance with the Schedule of Tenancies and Income. We consider the premises occupied by Greggs and the second-floor office accommodation to be rack rented.
Barclays Bank currently pay a rent of £93,500 per annum. Ground Floor Area 325.64m² (3,505ft²).
We consider a more realistic rental value of the ground floor and basement accommodation would be in the region of £50,000 to £60,000 per annum.
Subject to reconfiguration being undertaken, the first floor accommodation totalling 229.09m² (2,466ft²) could be let separately to produce a further income of £12,000 per annum.
We assess the current total rental value to be something in the region of £100,000 per annum.
It should be noted that Barclays Bank have served notice that this branch will be closing on 1st March 2024.
(Prospective Tenants should make their own enquiries as to their opinion of the rental value of the property. Similarly, a purchaser should make their own enquires of the local planning authority for alternative uses for the building.)
Tenancies - See attached brochure for information.
Tenants Covenants - See attached brochure for information.
Tenure - Freehold
Guide Price - Offers are sought in the region of £1,200,000 with the benefit of the income from Barclays Bank until 2027. This reflects an initial yield of 10.22% net of costs.
Costs - Each party will be responsible for their own legal and professional costs involved in connection with the transaction.
Services - Gas, water and electricity are supplied to all parts of the property. It should be noted that the central heating system serves the entire property. Each floor is not separately controlled.
EPCs, Leases and Plans - All sections of the property has an EPC rating of C. Copies of the EPCs are available upon request.
Plans showing the current layout of the accommodation and also showing how the accommodation can be opened into clear space, are available upon request.
VAT - The property is VAT exempt.
Specification
- Current income £130,800 per annum
- Majority let to Barclays Bank Plc on a lease expiring in 2027
- Part let to Greggs Plc on a lease expiring in 2027
- ERV circa £100,000
- VAT exempt
- Asset management possibilities (subject to PP)
- Guide price £1,200,000
- 10.22% net of costs