1-3 & 5 Stephenson Place & 8 Church Way, Chesterfield, S40 1XL
8,000 Sq Ft / Retail / General Retail
For Sale
- £975,000.00
Available - Last updated: 08 November 2024
Summary
The property comprises a parade of 3 ground floor retail units with additional occupiers on the first, second and third floors, with the following tenants: 5 Stephenson Place (Ground Floor) Under offer to a restaurant operator at a rental of £20,000 per annum for a term of 10 years.
1-3 Stephenson Place (Ground Floor) Let to Only the Vape on a 10 year lease from 15 December 2017 at a rental of £18,500 per annum.
8a Church Road - Barbers (Ground Floor) Let to Look Sharp Barbers on a 3 year lease renewal at a commencing rental of £5,200 per annum.
8 Church Way (First Floor) Let to Apartment Bar on a 10 year lease from 24 March 2015 at £20,000 per annum.
A reversionary lease has been agreed from 2025 for 10 years with a 5 year break at the same level of rent.
8 Church Way (Second Floor) Let to Sparky Ink (media studies for children with learning difficulties) on a 6 year lease from 18 January 2021 at a current rental of £12,000 per annum.
8a Stephenson Place (Third Floor) The current lease has recently expired, the previous tenant was paying a rental of £10,000 per annum.
Total Current Income - £55,700 per annum rising to £75,700 per annum with the imminent letting of 5 Stephenson Place.
Total Potential Income of £85,700 per annum with the letting of the third floor studio.
All of the aforementioned leases are held on effective full repairing and insuring basis, with service charge provisions.
Personal guarantees are also in place and further details are available upon request.
All figures are subject to VAT.
Key Points
Multi let building arranged over ground, first & second floors3 retail units at ground floor including a new restaurant lettingApartment bar at first floor with additional occupiers on the upper levelsSignificant Asset Management opportunities including residential development of the upper parts
EPC
Further details available upon request.
Location
Chesterfield is a large historic market town located 12 miles south of Sheffield, 25 miles north west of Nottingham and 6 miles west of junction 29 of the M1 motorway.
Chesterfield benefits from excellent rail communications with direct links to major city locations including Sheffield, Leeds and London.
East Midlands International Airport is located 36 miles south of the town. Chesterfield has a population of 148,500 persons living within a 5 mile radius and a resident population of 190,000 within a 15 minute drive.
The ownership is situated in a prominent corner position at the junction of Stephenson Street with Burlington Street and Knifesmithgate.
The former Royal Bank of Scotland bank premises have recently been sold to a bar/restaurant operator.
The property adjoins Albert's Jüngerer Bruder Bar and is situated adjacent to The Parish Church of St Mary & All Saints on Church Way, with its infamous crooked spire.
Whilst neighbouring streets are pedestrianised, Stephenson Place is accessible to traffic and forms part of a principal public transport bus route around the Town Centre. Other nearby independent retailers include a combination of coffee shops, beauty salons, barbers and bars.
Positioned a short walk from the Vicar Lane Shopping Centre,one of the town's main retailing pitches, nearby national operators include Greggs, F Hinds, Card Factory and Subway.Terms
The property is available on a Freehold basis.
Property Quote Price(s)
| Description | Sale type | Guide price | Price type |
| |
For Sale Freehold
|
£975,000.00
| NA |
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