The property comprises a three-storey mixed-use investment providing multi-let retail and serviced office accommodation, with covered car park to the rear. The U-shaped property is of concrete and traditional masonry construction beneath a flat and pitched steel framed roof.
There are four self-contained retail units at ground floor level, each with multiple glazed frontages overlooking Huntingdon Street and return frontages onto Rick Street and Kent Street.
There is a car park to the rear providing 14 covered spaces, with two roller shutter vehicular access points off Rick Street and Kent Street.
The first and second floors provide a mix of open plan and cellular office accommodation, currently operated as a serviced business centre.
The office specification generally comprises carpeted floors, painted and plastered walls, perimeter trunking, suspended ceilings, gas fired central heating and air conditioning. The accommodation benefits from a good level of natural light via extensive casement windows.
Location
Nottingham is the financial and commercial centre of the East Midlands and one of the largest Univercity cities in the UK by enrolment. Nottingham is located approx. 16 miles east of Derby and 25 miles north of Leicester and provides excellent access to the national road and motorway network via the M1, approx. 5 miles to the west.
Nottingham Railway Station is within walking distance of the propery and provides direct services to London St Pancras (1 hour 35 minutes) and other key destinations including Birmingham, Liverpool, Leicester and Cardiff. Nottingham Express Transit (NET) provides regular tram services connecting key city centre destinations such as Old Market Square, Royal Centre, Nottingham Trent University, the University of Nottingham and Queen's Medical Centre. There are numerous bus and tram stops within close proximity to the property.
The property is prominently situated on the A60 Huntingdon Street, the main throughfare through Nottingham City Centre, connecting West Bridgford to the south with Mansfield to the north. The property is adjacent to the Victoria Centre and less than a 10-minute walk from Nottingham Trent University, Nottingham College, and the Motorpoint Arena. The University of Nottingham is approximately 20-minutes by tram from the property. The main city centre retail and leisure amenities are a short walk west of the property.
The immediate area comprises mixed-use property, buthigh demand for student and residential accommodationwithin Nottingham City Centre is driving change of use development.
Accommodation
278-280 Huntingdon Street - Retail - 110.60 sq m (1,190 sq ft)
282-284 Huntingdon Street - Retail - 118.80 sq m (1,279 sq ft)
286-288 Huntingdon Street - Retail - 118.70 sq m (1,278 sq ft)
290 Huntingdon Street - Retail - 167.90 sq m (1,807 sq ft)
First Floor Huntingdon Street - Offices - 469.10 sq m (5,049 sq ft)
Second Floor Huntingdon Street - Offices - 525.20 sq m (5,653 sq ft)
TOTAL - 1,510.30 sq m (16,256 sq ft)
Terms
Tenancy - The property is generating gross rental income of £297,886 pax at an occupancy rate of 69%. ERV is approx. £430,113 pax.
There is the potential for significant rental uplift to improve the income and investment profile of the property.
Title - The property is held long leasehold on a 125-year leasecommencing 20 August 1997 at a peppercorn rent. Titledocuments and a copy of the lease are available within the Marketing Pack.
The freehold interes is held by Nottingham City Council. We understand Nottingham City Council are open to discussions regarding the sale of their freehold interest. Interested parties should rely upon their own enquiries.
EPC - EPC Rated E (106)
Asset Management - The property offers various asset management opportunities via rental uplift, refurbishment/redevelopment and change of use to student, residential or co-living accommodation.
Offers - Offers in excess of £2.3m invited.
Marketing Pack - A Marketing Pack containing additional property information is available upon request.
Services - We understand all mains services are connected but none have been tested. Interested parties should rely upon their own enquiries.
VAT - All prices quoted exclusive of VAT.
Costs - All parties are responsible for their own costs incurred in respect of the transaction.
Specification
- Prominent mixed-use investment within Nottingham city centre.
- Gross rental income of £297,886 pax (erv of £430,113 pax)
- Change of use and redevelopment potential S.T.P
- Adjacent to student and residential developments
- Less than 10 minute walk from Nottingham Trent University, Nottingham College and Motorpoint Arena
- Excellent public transportation links via regular train, bus and tram services
- Offers in excess of £3.2M invited