property
Draft Details
Substantial four storey period office building
Within professional district of City Centre
Part vacant part let
Scope for significant rental increase
Being sold on behalf of joint LPA receivers
Occupying a highly regarded location within the professional district of Nottingham City Centre this highly attractive 4 storey period property represents an excellent opportunity for the investor or owner occupier to acquire substantial office accommodation at a very realistic price.
At present the ground floor office (front) is let and producing £4,800 per annum (inclusive of rates), although the we understand the tenant is due to vacate at the end of November 2012. The second floor offices (front) are let and we understand producing £3,600 per annum, but we have no lease to confirm this. With the ground floor offices (rear), basement, first, second floor (rear) and third floor offices all vacant there is clearly scope for a significant increase in the rental income from this property. The property benefits from a small parking area to the rear.
Oxford Street is situated in the heart of Nottingham about 10 minutes walk from the Market Square and within close proximity of all the excellent facilities within Nottingham City Centre. Nottingham City has a population of circa 330,000 and has a strong local economy with large employers including Capital One, Boots & Nottingham City Council. Nottingham has a vibrant student population with two large and well renowned Universities.
ACCOMMODATION:
Basement Front - 14ft 5 x 16ft 3
Basement Rear - 15ft 2 x 12ft 5
Ground Floor -
Office 1 - 14ft 7 x 15ft 3
Office 2 - 15ft 3 x 12ft 7
First Floor -
Office 1 - 20ft x 16ft 5
Office 2 - 15ft x 12ft 11
Second Floor -
Office 1 - 12ft 7 x 15ft
Office 2 - 8ft 4 x 13ft 3
Office 3 - 10ft 4 x 16ft 4
Third Floor -
Bathroom
Storage Room - 18ft 8 x 10ft 7
Outside parking to rear
TENANCY DETAILS:
Basement - VACANT
Ground floor offices (front) - Let to 12 Property Rentals Ltd at £4,800 pa (inclusive of rates)
Ground Floor Offices (rear) - VACANT
First Floor Offices - VACANT
Second Floor Offices (front) -Let to Tim Scott Accounting at £3,600 pa
Second Floor Offices (rear) - VACANT
Third Floor - VACANT
PLEASE NOTE: Please refer to the legal pack for the full terms of the leases referred to above.
Tenure
Freehold. Part vacant, part subject to tenancy.
Viewings
By appointment 01159 588702
Conditions Of Sale
The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers seven days prior to sale and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to 11.30 am. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold nor withdrawn.
The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.
Note
Prospective purchasers will need to register within the auction room before the sale commences. Two items of identity will be required together with an indication of how a contractual deposit will be paid. We do not take cash or credit card deposits.
The sale of each lot is subject to a buyers contract handling fee of £495 (inc VAT) payable on the fall of the hammer.
For Sale By Auction - Tuesday 11 December 2012
At Nottingham Racecourse, Colwick Park, Nottingham NG2 4BE
Commencing at 11.30 am
