The property comprises a 1960’s purpose built twostorey supermarket building with accommodation arranged on ground and one upper floor. The ground floor is open plan with servicing, stores and preparation to the rear, the first floor being used for stock, staff training and servicing facilities.
The property benefits from a rear shared service yard.
The building is of concrete frame construction with brick elevations under a flat roof.
Location
Nottingham is a major provincial city in the East Midlands with substantial interests in retail, manufacturing, education, call centres, offices, warehousing and distribution. Nottingham has a population of circa 275,000 persons, 90,000 students, a leisure catchment of 750,000 and a shopping population of approximately 2,000,000.
Arnold town centre is a busy market town situated approximately 5 miles north of Nottingham City Centre. It is one of the best four suburban trading locations within the Nottingham conurbation. The town has a resident population of some 37,400 people, with a catchment population of approximately 112,000.
These premises occupy a prime location on the western side of Front Street, close to the recently refurbished Market Place. Nearby occupiers include Boots, Boyes Department Store, Betfred, Savers Health & Beauty, Lloyd Bank, Peacocks, Superdrug and Costa. These premises occupy one of the best trading positions within Arnold Town Centre.
The property has a main frontage to Front Street with rear servicing from a shared courtyard off Ravenswood Road.
Accommodation
The property provides the following approximate areas:-
Ground Floor Sales - 701.39 sq m (7,550 sq ft)
First Floor Stock/Storage/Staff - 647.23 sq m (6,967 sq ft)
Total - 1,348.62 sq m (14,517 sq ft)
At the rear there is provision for 6-8 car spaces.
Terms
Tenure - Freehold. Title No NT4750.
Lease - The property is let on a full repairing and insuring lease to Iceland Foods Limited for a term of 25 years from 28th February 2005, expiring in February 2030. There was previously a tenant’s break as at February 2025 which has been removed.
The current rent payable is £XXX per annum fixed in 2020. This rises in February 2025 to £XXX and is fixed for the remainder of the term.
Covenant - We have made enquiries of Experian and the credit worthiness of Iceland Frozen Foods Limited:-
Risk Score: 99/100
Risk: Very Low Risk
Credit Limit: £XXX
Credit Rating: £XXX
The principal activities are described as Retail Grocers.
The parent company is Iceland Midco Limited.
Guarantor on lease – Iceland Topco Limited
Price - Offers are invited at £XXX to show a net initial yield of 8.24% and a reversionary yield of 9.33% after allowance for normal purchasing costs.
VAT - The property is registered for VAT and therefore the sale will be as a TOGC.
EPC and Lease - This property has an EPC rating of E. Copies of the current EPC and Lease are available on request.
Legal Costs - Each party are to bear their own legal costs incurred.
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
- Highly prominent retail unit in busy market town of Arnold, Nottingham
- Entirely let to Iceland Foods Limited on a lease expiring 2030, no breaks
- Current rent £XXX per annum, rising to a minimum of £XXX per annum on 28th February 2025
- Nearby operators include Savers, Costa, Boyes, Co-op Travel and Boots.
- Offers are invited at £XXX to show a net initial yield of 8.24% and a reversionary yield of 9.33% after allowance for costs.