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Former Frankie & Benny’s restaurant to star in Derby auction

The former Frankie & Benny’s restaurant in Derby city centre is going under the hammer next week, with conversion plans to create seven apartments and two shops.

39 Cornmarket, in the heart of the city centre close to the Guildhall, is one of more than 60 lots in SDL Auctions Graham Penny’s last auction of the year in Derby on 15 December.

The four-storey property, which has planning permission for conversion into seven apartments and two separate retail units, has a *guide price of £350,000+.

Robert Stone, senior valuer at SDL Auctions Graham Penny, said: “This is a rare and exciting opportunity to own what could be a major development in Derby city centre.

“When all apartments and retail units are fully let, we would estimate a rental income of approximately £70,000 per annum when renovated.”

The approved plans include two ground floor retail units, three one bedroomed apartments on the first floor, three further one bedroomed apartments on the second floor, and a one bedroomed penthouse apartment on the third floor.

There is also the possibility of adding an eighth apartment by constructing an extra internal floor, and this could result in another £6,000 rent a year, subject to planning permission.

Other commercial properties on offer in the auction include:

  • former library store on a site of around 0.13 acres on George Street, close to Alfreton town centre, with a guide price of £65,000+.
  • A mixed-use corner property at 45 St Chads Road and 90 Byron Street in Derby, currently generating £10,560 in rent per annum from a ground floor takeaway restaurant and two flats above, with a guide price of £70,000+.
  • A ground floor shop unit at 82 High Street in Alfreton, with two showroom areas and storage space on the first floor, which has a guide price of £90,000+.

Mr Stone added: “We have a wide range of commercial property lots to suit all buyers, and are looking forward to what we think will be a busy day of competitive bidding.”

The SDL Auctions Graham Penny auction takes place at Pride Park Stadium on Friday 15 December, and the catalogue of 61 properties can be viewed here.