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Excellent Retail Investment, 66 and 68 Main Street , Bulwell, NG6 8EX

4,540 Sq Ft / Retail / General Retail

For Sale - £695,000.00

Under Offer - Last updated: 17 December 2019

The property comprises a modern retail premises arranged over ground and first floor originally constructed around 30 35 years ago.

The building is of 10.5 inch brick and blockwork construction. The roof to the front section is pitched, surfaced with imitation slates and the rear is flat finished with asphalt.

The ground floor consists of two retail units, one of which is occupied by Cancer Research who have been in occupation for many years and the other unit has recently been let to British Heart Foundation.

The first floor is occupied in its entirety by the British Heart Foundation which is accessed via a staircase to the rear of the ground floor premises.

Both shops benefit from access to a rear service yard which is currently used as a drop off point for donations.    

Location

Bulwell is a busy market town, located approximately 4 miles to the north west of Nottingham City Centre and 11 miles south of Mansfield. It benefits from excellent Tram and Train services linking to Nottingham City Centre.

Bulwell has a resident population of 30,000 persons and the town comprises a mix of national, regional and independent retailers including; Wilkos, Boots, Superdrug, Costa Coffee, Iceland, Tui Travel, Farmfoods, Martin’s Newsagents, Birds and Greggs to name a few.

The property lies on the prime section of Main Street, Bulwell, which benefits from high levels of footfall and is situated within close proximity to the Market Place.

Accommodation

The properties comprise the following net internal areas;

66 Main Street

Ground Floor Sales - 138.32 sq m (1,489 sq ft)

Ancillary - 17.37 sq m (187 sq ft)

ITZA - 72.62 sq m (782 sq ft)

First Floor - 84.04 sq m (905 sq ft)

Total - 239.72 sq m (2,580 sq ft)

68 Main Street

Ground Floor Sales - 182.06 sq m (1,960 sq ft)

ITZA - 79.99 sq m (861 sq ft)

Total - 182.06 sq m (1,960 sq ft) 

Terms

Tenure - Freehold.

Tenants Covenant - Both tenants enjoy excellent credit ratings. The relevant information via Experian is as follows;

British Heart Foundation

Score: 100/100
Risk: Very low risk
Credit limit: £10,000,000
Credit rating: £4,400,000

Cancer Research UK

Score: 100/100
Risk: Very low risk
Credit limit: £10,000,000
Credit rating: £9,000,000

Copies of the Experian Credit Checks are available upon request.

Tenancies:

66 Main Street

The ground and first floor are let to British Heart Foundation for a term of 10 years from 30/05/2018, expiring on 29/05/2028, at a rent of £30,000 per annum. The rent is subject to review in May 2023. There is a tenant break option as at 30/05/2023, subject to 6 months notice.

68 Main Street

The ground floor was subject to a lease renewal with Cancer Research UK for a new term of 10 years from 08/03/2019, expiring on 07/03/2029, at a rent of £28,000 per annum.  The rent is subject to review in March 2024.  There is a tenant break option as at 07/03/2024, subject to 6 months notice.

Copy leases are available upon request.

VAT and Costs - Each side are to be responsible for their own legal costs. VAT is applicable at the prevailing rate. The sale will be as a TOGC.

Price - The properties are available freehold, subject to the existing leasehold interests, at offers in excess of; £695,000 (Six Hundred and Ninety Five Thousand Pounds) reflecting a net yield of 7.92%.

Rental Evidence - Our analysis of the rents for British Heart Foundation is a headline figure of £35.33 and a net of £33.41. The figures for Cancer Research based upon their lease renewal as at March 2019 is £32.50 Zone.

In our opinion the tone of rental values is circa £35 Zone A.

It should be noted that British Heart Foundation were granted 7 months rent free from May 2018 due to the extensive strip out works of the previous tenants  occupation being the Yorkshire Bank, that period has now expired. 

Specification

  • Current income £58,000 per annum
  • Realistic rents - £32.50 - £33.41 Zone A
  • Let to excellent tenants with more than 4 years term certain
  • Modern building providing good open retail space
  • Offers are invited in excess of £695,000 to show 7.92% net of costs

Property Quote Price(s)

DescriptionSale typeGuide pricePrice type
Offers in excess of For Sale Freehold £695,000.00 NA

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Contact agents

Noel Roper

FHP Property Consultants

0115 882 1132

Liam Egan

FHP Property Consultants

0115 882 1062



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