Commercial
FOR SALE BY AUCTION: FRIDAY 14TH FEBURARY 2014
AT IPRO STADIUM, DERBY
COMMENCING AT 11.30 AM
DRAFT DETAILS ONLY.
LOCATION
Derby is the most central city within England and, consequentially, is very well served by all major transportation links. Derby is situated at the heart of the Motorway Network. Ease of access to the M1 is provided by the A52 Dual Carriageway which has a direct link with Junction 25, approximately 10 minutes' drive from the City Centre. The M6 Motorway is also easily accessible via the A50 Dual Carriageway (M1/M6 Link Road), which again is approximately a 10 minute drive.
Derby Midland Railway Station has recently undertaken a £30m refurbishment program and provides fast, direct connections to Birmingham, Bristol, Edinburgh, Leeds and Sheffield, to name but a few. There are 35 direct connections daily between Derby and London St. Pancras, with a travel time of approximately 93 minutes.
East Midlands Airport is approximately 20 minutes' drive from Derby City Centre, which serves over 4 million passengers a year and also acts as the county's primary airfreight hub.
As far as the City's retail market is concerned, there are three principal shopping areas within the City Centre, Westfield Centre, Cathedral Quarter and St. Peters Quarter. Retail spend within the city surpassed £700m in 2010 (Marketing Derby). The City's catchment continues to grow, with 2.1 million people with a 1 hour commute and Derby also boasts the second highest average wage outside of London.
The subject properties are situated within the Cathedral Quarter of Derby City Centre and this is widely regarded as the historical home of retailing within the City. In addition to retail, the Cathedral Quarter is home to wide range of businesses, cultural and historical attractions, such as The Silk Mill which forms the beginning of the Derwent Valley World Heritage Site.
The three immediately adjoining properties are situated within the market place of Derby City Centre, between the Guildhall and The Royal Bank of Scotland. Market Place forms part of the link between Derby's Cathedral Quarter, St Peters Quarter and the Westfield Centre and is one of the more popular trading locations within the City Centre. Market Place forms part of Derby's Market Square which is home to variety of markets and seasonal events throughout the year.
DESCRIPTION
The properties are situated mid terrace, comprised by four storeys, of traditional brick construction with stone dressings. Across the building as a whole there are four lettable areas, all of which are occupied. The upper floors are currently vacant. We understand from our enquiries of English Heritage that 35 and 36 Market Place are Grade II listed buildings. In respect of the permitted uses of the properties, the ground floors of 35 and 37 Market Place benefit from A3, A4 and A5 planning consents. 36 Market Place benefits from A2 consent and the first floor of the properties benefit from A1 consent.
ACCOMMODATION
The more specific accommodation arrangements are as follows:
35 Market Place
Ground Floor -Retail Area -1,114sq.ft / 103.5sq.m
Basement – Stores -349sq.ft / 32.4sq.m
36 Market Place
Ground Floor – Retail Area -179sq.ft / 16.7sq.m
Kitchen -50sq.ft / 4.7sq.m
Basement – Store -183sq.ft / 17.0sq.m
37 Market Place
Ground Floor -Retail Area -659sq.ft / 61.2sq.m
Store -9sq.ft / 0.9sq.m
First Floor -Staff Room -85sq.ft / 7.9sq.m
Basement -Store -400sq.ft / 37.2sq.m
35, 36 & 37 Market Place
First Floor -Salon -1,226sq.ft / 113.9sq.m
Second Floor -Offices -1,171sq.ft / 108.8sq.m
35 & 36 Market Place
Third Floor -Stores -604sq.ft / 56.1sq.m
TOTAL NET INTERNAL AREA - 6,029sq.ft / 560.3sq.m
TENANCIES
35 Market Place
KMC Leisure (Acropolis Café)
20 year FR&I Lease, with effect from 21st March 2007, 5 yearly upwards only review pattern and rent passing of £23,000 per annum exclusive.
36 Market Place
IMS Lettings
6 year FR&I Lease, with effect from 2nd August 2010, 3 yearly upward only review pattern and rent passing of £9,000 per annum exclusive.
37 Market Place
KMC Leisure (Acropolis Café)
12 year FR&I Lease, with effect from 1st April 2004, 4
yearly upward only review pattern and rent passing of
£15,940 per annum exclusive.
First Floor, 35, 36 & 37 Market Place
St James Hair Team
2 year, 11 month FR&I Lease, with effect from 15th February 2011 and rent passing of £8,200 per annum exclusive.
TOTAL RENTAL INCOME – £56,140 per annum exclusive.
VALUE ADDED TAX
We are advised that the properties are not elected for VAT.
VIEWING
Strictly by arrangement with either of the joint agents
James Cokayne MRICS
Graham Penny Auctions, 2-6 The Strand, Derby DE1 1BA
Tel : 01332 242880
Fax : 01332 202510
Email : james@grahampenny.com
Andrew Nichols, BSc MRICS
Gadsby Orridge Commercial, 6 Royal Buildings, Victoria Street, Derby DE1 1ES
Tel : 01332 290390
Fax : 01332 340726
Email : andrewnichols@gadsbyorridge.co.uk
TENURE
The property is held freehold, subject to the existing tenancies.
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 £500 (plus VAT) payable on the fall of the hammer.
FOR EPC'S AND LEGALS PLEASE SEE THE WEBSITE
VALUABLE FREEHOLD RETAIL INVESTMENT OPPORTUNITY
Situated in the heart of Derby City Centre adjacent to the Guildhall
Current rent passing of circa £56,000 per annum exclusive
