Key Information
- NIA: 17,014 sq ft GIA: 21,393 sq ft
- Rental income of £154,840 pa providing a low average rent of £12.53 psf
- Net initial yield of 7.88% and reversionary yield of 11.71%
- Offers sought in excess of £1,850,000 for the whole
The property is five storeys high, brick constructed and dates back to the original Lace Market development, constructed in the mid-1800's. This is broadly an L-shape as it follows the curve and realignment of Broadway as it runs down to Stoney Street. This element provides two impressive entrances constructed from stone with bays above and also within the eastern most element is a decorative archway. The building also benefits from a passenger lift. Internally the property provides a variety of good quality office accommodation benefitting from ample natural light, with most offices benefitting from more recent fit outs but generally include perimeter trunking, good quality lighting and heating, as well as toilet and kitchen facilities.
Location
The property is located in the heart of The Lace Market area, with frontages on Broadway, one of the most well known streets within the area which is pedestrianised and has some of the most architecturally attractive buildings within Nottingham's street scene. As indicated, The Lace Market has become well established as a mixed residential, office and leisure area and is now popular for city living, as well as being within a short walk of the popular and vibrant area of Hockley, home to most of the city's independent bars and restaurants. Nottingham is considered to be the premier city in the East Midlands region with The Lace Market area home to some of Nottingham's big cultural venues. These include Nottingham Contemporary and The National Justice Museum, with The Lace Market being a business centre of Nottingham's former award-winning Creative Quarter hosting businesses and studios based in the creative industry. The city itself has excellent links with the M1 via junctions 24-26 and is also on the Midland Main Line giving good access to London and the north. East Midlands International Airport is also easily accessed via the A453 and is situated adjacent to Junction 24 of M1.
VAT
The property is elected for VAT although it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC), meaning a payment of VAT will be waived, however all parties are advised to make their own enquiries of their independent accountant
Rates
Information is held within the online information pack however we understand listed buildings are exempt from incurring empty business rates. All parties are advised to make their own enquiries of the Valuation Office Agency (VOA).
Legal Costs
Each party is to bear their own legal costs incurred.
Viewing
Viewings are by appointment with sole agents Innes England