White Friar House comprises an attractive brick built mixed use building arranged over basement, ground and two upper levels of a brick construction with dress stone detailing under a flat roof.
The accommodation is configured to provide two retail units, public house and three suites of offices. In addition, there is a single storey ‘Coach House’ to the rear of the main building which is approached internally from the main office entrance or via the car park to the rear.
The offices are accessed via a self contained entrance hall and benefit from excellent natural light to both the front and rear, they are arranged to provide open plan rectangular accommodation which can be easily sub-divided.
City Centre retail floor space in Nottingham is estimated at 2.88 million sq ft, above the Major City average and ranking the City 5 of the PROMIS Centres on this measure, drawing from an estimated shopping population of 586,000 and primary catchment area of 1,059,000.
The prime retailing is concentrated in the Victoria Centre and Bridlesmith Gate, further complemented by the retail thoroughfares of Clumber Street, Lister Gate and the Broadmarsh Shopping Centre.
Lister Gate is the dominant prime High Street pitch, benefiting from large, well configured shop units and the presence of retailers, including Marks and Spencer, H&M, River Island and New Look.
The INTU owned Broadmarsh Shopping Centre anchors the southern end of Lister Gate and comprises 450,000 sq ft, anchored by Boots, Wilkinson, BHS and Argos.
The scheme is due to undergo substantial refurbishment and re-configuration, further details on www.intugroup.co.uk.
Location
Located in the centre of the UK 125 miles north of London, Nottingham is served by three junctions of the M1 motorway (24 – 26). The City is directly linked to the Midland Mainline (London St Pancras 1 hour 45 minutes), Nottingham East Midlands Airport provides direct flights to 90 international destinations and the City’s modern tram system carries an estimated 9.5 million passengers every year.
The City of Nottingham lies at the heart of the UK and is regarded as the commercial and administrative hub of the East Midlands.
With an economy worth an estimated £XXX billion, Nottingham is served by a substantial diversified workforce, with over 15 million people living within a 50 mile radius of the centre, covering an extensive area running south towards Loughborough and west towards Derby. Mansfield is to the north and Newark on Trent and Grantham to the north east and east.
The City attracts a number of international corporations with over 50 Regional and National headquarters based in the City. Nottingham is the home to Alliance Boots, Experian, E.ON UK, Imperial Tobacco Limited, Gala Group, Siemens, Speedo, Vision Express, Games Workshop, Capital One and Rolls Royce.
The property occupies a prominent position fronting Friar Lane to the south at its junction with Spaniel Row, to the west of Old Market Square and east of Maid Marian Way (A6008).
Nearby occupiers include Walkabout, Games Workshop, Cancer Research UK, Johnsons, Costa Coffee and Burtons/Dorothy Perkins.
Accommodation
The accommodation has suspended ceilings with recessed fluorescent lighting, perimeter trunking, male and female toilets on each floor and kitchenette facilities. In addition, seven car parking spaces are provided in a private courtyard to the rear, accessed via Spaniel Row.
The site provides an area of approximately 0.099 hectares (0.244 acres).
The property has the following Energy Performance Certificate Rating:
15-17 Friar Lane E 109
19-23 Friar Lane D 100
25 Friar Lane D 100
27 Friar Lane D 81
Terms
The property is held freehold.
VAT is applicable.
Offers are sought in excess of £XXX (One Million and Three Hundred Thousand Pounds).
A purchase at this level would reflect an attractive net initial yield of 9.65%, and a reversionary yield based on a letting of the vacant office unit and with effect from 16 December 2015 of 10.42%, subject to contract and exclusive of VAT, assuming standard purchasers costs at 5.8%.
Specification
- Prominent city centre location close to Old Market Square and east of Maid Marian Way, A6008).
- Let to A1 covenant, Forbidden Planet (Scotland) Limited and 2A2 covenant Orthoworld Limited.
- Comprising a mixed use retail and office building of 14,821 sq ft (1,376.85 sq m) on a site extending to 0.099 hectares (0.244 acres) with the benefit of on site parking.
- Asset management opportunity with redevelopment potential (STPP).
- Current passing rental £XXXper annum with potential reversionary increase, assuming letting of the vacant office unit and with effect from 16 December
- 2015 to £XXX per annum.
- Freehold.
- Offers are sought in excess of £XXX (One Million and Three Hundred Thousand Pounds).
- A purchase at this level would reflect an attractive net initial yield of 9.65% and a reversionary yield based on a letting of the vacant office unit and with effect from 16 December 2015 of 10.42%, subject to contract and exclusive of VAT, assuming standard purchasers costs at 5.8%.