Lot O8 - 41-47 Mansfield Road, Daybrook, Nottingham, Nottinghamshire, NG5 6BB

  • Unconditional Online Auction Sale
  • * Reserve not to exceed : £325,000

Freehold Shop and Residential Investment

  • Comprising two double fronted shops and four maisonettes
  • Situated close to Nottingham University Hospital
  • Part let to Coral until 2024 (2)
  • No VAT applicable

Tenure

Freehold

Location

The property is located on the west side of Mansfield Road, between its junctions with Sherbrook Road and Edwin Street, approximately 1 mile East of Nottingham University Hospital.
Occupiers close by include Go Outdoors, Carpet Right, and Pets at Home as well as the Madford Retail Park which is located some 150m from the property and which is home to Carphone Warehouse, Currys, Homebase and B&M Bargains.

Description

The property is arranged on ground and two upper floors to provide two double fronted ground floor shops with four maisonettes above.
The maisonettes are accessed from the rear via a gated pedestrian access from Sherbrook Road.

VAT

VAT is not applicable to this lot.

To View

There will be a single block viewing held prior to the auction. If you would like to attend you must register with us in advance no later than 12 noon on Wednesday 5th September.

Please email amy.heuch@allsop.co.uk with the name and mobile number of each party wishing to attend. Photographic ID will be required on the day. In the subject box of your email please enter Lot O8 Nottingham.

Current Rent

Total Current Rents Reserved Total £36,448 p.a.

Buyers Fee

Buyers Fee -The successful purchaser will be required to pay the auctioneers administration fee of £600 inclusive of VAT. Other additional costs/fees may apply please see Special Conditions of Sale.


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Sold for £379,500

This auction lot is now closed.

Auction Ended

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* Reserve not to exceed:
£325,000
Gross initial yield:
11.2% plus a vacant shop
No. Present Lessee Accommodation Terms of Lease Agreement Current Rent £ p.a Next Review / Reversion
41/43 Under Offer (1) Gross Frontage
Net Frontage
Shop Depth
Built Depth
9.2 m
7.7 m
16.5 m
16.8 m
(30' 2")
(25' 4")
(54' 0")
(55' 0")
45/47 Coral Estates Limited Gross Frontage
Net Frontage
Shop Depth
Built Depth
8.5 m
7.0 m
16.5 m
16.8 m
(27' 1")
(23' 0")
(54' 0")
(55' 0")
10 years from 25.03.2014
Rent review in the 5th year
FR&I
(2) Subject to an option to break on the 6th anniversary
£16,000 p.a. Rent Review 2019 (2)
41a Individual First and Second Floor Maisonette Assured Shorthold Tenancy from 27.06.2016 (3) £4,800 p.a. Holding Over
43a Individual First and Second Floor Maisonette 12 month Assured Shorthold Tenancy from 07.11.2017 (4) £5,400 p.a. Reversion 2018
45a Individual First and Second Floor Maisonette Assured Shorthold Tenancy from 16.12.2008 (5) £5,220 p.a. Holding Over
47a Individual First and Second Floor Maisonette Assured Shorthold Tenancy expiring 21.05.2019 (6) £5,028 p.a. Reversion 2019
Total £36,448 p.a.
(1)We understand the unit is under offer to a Charity for a term of 5 years at initial rent of £7,500 p.a. rising to £8,500 p.a. in year 3. The tenant would provide a 1 month rent deposit and benefit from 2 months rent free.
(3) £400 surety held
(4) £450 surety held
(5) £350 surety held
(6) £390 surety held
  • * The Reserve Price is the minimum price at which the auctioneer is authorised to sell the lot at auction. The lot may be sold to the highest bidder at or above the Reserve Price but the auctioneer is not authorised to accept a bid below the Reserve Price.
  • The Reserve Price will only be disclosed once it has been met during bidding and not before.
  • The term "reserve not to exceed £..." means that the seller's lowest acceptable sale price will not exceed the quoted figure. The reserve price will not be set above this figure. However, it could be set at, or indeed below, the "reserve not to exceed" figure stated.
  • Reserve prices are subject to change up to the date of the auction.
  • At the commencement of marketing a starting price is to be announced. The starting price will be published 24 hours before bidding opens.
  • Lots may be withdrawn prior to auction.