The property is a modern two storey building with accommodation across ground and first floors. It has a prominent wide shop front onto the pedestrianised section of Front Street along with rear servicing.
The property is let in its entirety on a full repairing and insuring lease to Bank of Scotland Plc trading as Halifax Bank.
Location
Arnold town centre is a busy suburban location situated approximately 5 miles north of Nottingham city centre. The town has a resident population of 37,402, with a catchment population of over 110,000.
Front Street is the prime retailing location within Arnold with the subject property being considered in the most prime location where the street is pedestrianised. It is an established retail location with a host of quality national operators in the immediate vicinity including Wilko, Poundland, Superdrug, Clarks, Specsavers and Peacocks to name a few.
Accommodation
The property is arranged over ground and first floor and comprises the following approximate areas:-
Ground Floor - 253.90 sq m (2,733 sq ft)
First Floor - 223.80 sq m (2,409 sq ft)
ITZA - 117.65 sq m (1,266 sq ft)
Total - 477.70 sq m (5,142 sq ft)
Halifax have fitted out the property to a high standard throughout with ground floor sales/banking hall and ancillary private offices along with first floor ancillary accommodation including storage, staff facilities and WCs.
Terms
Tenure - Freehold subject to the existing occupational tenancy.
Lease - The property is let on a full repairing and insuring lease to Halifax Bank. The lease commenced on 26th May 2016 and expires on 26th May 2026 at a current passing rent of £XXX per annum (£XXX Zone A, with £XXX on the first floor).
Halifax had a tenant only break option on the fifth anniversary which they did not exercise.
Covenant - The property is let to Bank of Scotland Plc (trading as Halifax), Bank of Scotland Plc was taken over by Lloyds Banking Group in January 2009. Lloyds Banking Group is the largest retail bank in the UK. The tenant has an undoubted 5A1 covenant.
Price - Offers are invited at a price of:- £XXX to reflect a net initial yield of:- 7.68% after purchaser’s costs of 4.75%.
VAT - We understand that the property is not opted for tax and therefore VAT is not applicable.
Identity Checks - In order to comply with anti-money laundering legislation, any purchaser will be required to provide identification documents. The required documents will be confirmed and requested from the successful purchaser at the appropriate time.
Specification
- Let to Bank of Scotland Plc (t/a Halifax Bank) until May 2026
- Passing rent of £XXX per annum exclusive (£XXX Zone A)
- Prime position town centre retail premises
- Future redevelopment potential (STP)
- Nearby operators include Wilko, Poundland, Birds Bakery, Superdrug, Specsavers and Peacocks
- Offers invited at £XXX to reflect a net initial yield of 7.68%