The property comprises a substantial building with accommodation arranged over ground and two upper floors originally constructed as a department store many years ago.
The ground floor now consists of 2 retail units, one of which is occupied by The Nationwide Building Society who have been in occupation for many years and the other unit has been let to Living the Bream Ltd t/a Cod and Scallops.
The first and second floors now consist of 12 self contained, mainly one bedroom apartments. The building has been subject to extensive works of refurbishment / reconfiguration and upgrading and is now in excellent condition.
The upper floor accommodation is approached via a separate side access from Tamworth Road.
Location
Long Eaton is a busy market town located 8 miles south west of Nottingham and 9 miles east of Derby. It has excellent transport links located close to the A52 Nottingham to Derby trunk road and J25 of the M1 Motorway. The town supports a retail catchment population of circa 40,000 and a catchment of 210,000 within a 20 mile drive time.
The main shopping centre facilities for the town are centred upon the Market Place, Tamworth Road and High Street. This property occupies a highly visible and prominent location on Tamworth Road immediately adjacent to its junction with the Market Place.
To the rear of the property there is an open market area where there are regular market days. Directly opposite the property behind the shops is a car park. Nearby there are two substantial supermarkets operated by Tesco and Asda.
Accommodation
For a detailed summary of the schedule of tenancies and areas please see the attached brochure.
Terms
Tenant's Covenant - The Credit Check has revealed the following information:
Nationwide Building Society
Credit Limit: £XXX pcm
Risk Score: 93/100
Credit rating: £XXX
Risk: Very low risk
Living the Bream Ltd
Credit Limit: £XXX pcm
Credit rating: £XXX
Risk Score: 78/100
Risk: Below average risk
Price - Offers are invited at; £XXX
To show an initial yield of 8.08% before costs.
Income - The current income received is as follows;
Nationwide Building Society: £XXX
Living the Bream: £XXX
12 self contained apartments: £XXX
Total income received: £XXX
The apartments have all been recently re-let at rents between £XXX to £XXX per calendar month. It could be considered the rent on 3/3A is reversionary.
Tenure - Freehold, subject to the existing tenancies. The 12 flats are all let and have 10 year warrantees. Each flat is held on a 125 year ground lease at a peppercorn. The legal entity has been set up for long term investment or break up. Each part (commercial or residential can be sold separately. Full details will be given upon application.
Leases, Costs, VAT & EPC’s - Each side are to be responsible for their own costs. EPCs and copy leases are available upon request.
The property is registered for VAT. A sale will be as a TOGC .
Specification
- Two ground floor shops let on leases expiring in 2027 and 2029 producing £XXX p.a. – no breaks
- Lease to Nationwide Building Society for 10 years, expiring 2029
- First and second floors comprise 12 newly converted, let, apartments, producing £XXX p.a.
- Each flat held on a 125 ground lease at a peppercorn
- Offers invited at £XXX to show a gross yield of 8.08% before costs