28 & 30 St. Peter's Street and 27, 29 & 31 Green Lane Derby Derbyshire DE1 1RS

28 & 30 St. Peter's Street and 27, 29 & 31 Green Lane
Derby
Derbyshire
DE1 1RS

Substantial City Centre Investment

Let to tenants including Clydesdale Bank plc and Freedom Sportsline Ltd (t/a Foot Locker)
Prominently located close to The Intu and Audley Shopping Centres
Approximately 1,207.23 sq m (12,995 sq ft)
Frontages to both St Peter’s Street and Green Lane
Asset Management opportunities
High Yielding on Guide Price
Rent = £325,733.01 p.a.x (Gross), £257,483.01 p.a.x (Net)
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
18
Auction
12th February 2015
Rent
Gross: £325,733 per Annum Exclusive
Status
Sold
Price
£1,400,000
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On the instructions of Cordea Savills

Important Update Interested?

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Substantial City Centre Investment

Let to tenants including Clydesdale Bank plc and Freedom Sportsline Ltd (t/a Foot Locker)
Prominently located close to The Intu and Audley Shopping Centres
Approximately 1,207.23 sq m (12,995 sq ft)
Frontages to both St Peter’s Street and Green Lane
Asset Management opportunities
High Yielding on Guide Price
Rent = £325,733.01 p.a.x (Gross), £257,483.01 p.a.x (Net)
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 18
Auction 12th February 2015
Rent Gross: £325,733 per Annum Exclusive
Status Sold
Price £1,400,000
Sector
High Street Retail
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On the instructions of Cordea Savills

Property Information

Location

Miles: 15 miles west of Nottingham 35 miles south of Sheffield 38 miles north-east of Birmingham
Roads: A38, A50, A52, M1 (Junction 25)
Rail: Derby Railway Station
Air: East Midlands Airport

Situation

The property is prominently situated in the heart of Derby City Centre with its main frontage on the west side of the pedestrianised St Peter’s Street close to its junction with East Street and Cornmarket, and a further frontage on Green Lane. The property benefits from being located close to The Audley Centre and The Intu Shopping Centre (formerly Westfield), which houses 190 shops, an extensive food court and a 12 screen cinema. Nearby occupiers include Tesco Metro, Primark, BHS, McDonald’s, Cos ta and Barclays Bank.

Tenure

Leasehold. Leasehold from The Trustees of the Liversage Charity for a term of 125 years from 29th September 1972 at a current rent of £68,250 per annum. The rent is reviewed every 14 years (next rent review March 2018) to the higher of £15,000 per annum or 21% of the fair rack rental value of the demised premises.

Location

Miles: 15 miles west of Nottingham 35 miles south of Sheffield 38 miles north-east of Birmingham
Roads: A38, A50, A52, M1 (Junction 25)
Rail: Derby Railway Station
Air: East Midlands Airport

Situation

Tenure

Description

The property comprises a bank and four shops. The bank on St Peter’s Street is arranged on the ground and first floors and the shop on St Peter’s Street is arranged on the ground floor only. The three shops to the rear fronting Green Lane provide retail accommodation on the ground floor only with a forecourt to the front. The property also benefits from car parking for about 30 cars (20 of which are licenced to an adjoining owner and the remainder of which are allocated to the tenant), accessed via Green Lane.

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
28 St Peter’s Street	Ground First	Banking Hall/Ancillary Ancillary	422.70 sq m 102.10 sq m	(4,550 sq ft) (1,099 sq ft)	CLYDESDALE BANK PLC (1)	40 years from 25/12/1979	£172,000	(24/12/2019)
30 St Peter’s Street	Ground	Retail/Ancillary	201.80 sq m	(2,172 sq ft)	FREEDOM SPORTSLINE LIMITED (t/a Foot Locker) (2)	Approx. 15 years from 09/07/2002	£110,000	(23/06/2017)
27 Green Lane	Ground	Retail/Ancillary	169.50 sq m	(1,825 sq ft)	A G MURPHY & A M MURPHY	10 years from 04/04/2006 (3)	Nil (3)	(03/04/2016)
29 Green Lane	Ground	Retail/Ancillary	168.70 sq m	(1,816 sq ft)	ROSEBUD ENTERPRISES LIMITED with a guarantee (t/a Learn Direct) (4)	6 years from 02/03/2012 (5)	£15,000 (6)	02/03/2017 (6) (01/03/2018)
31 Green Lane	Ground	Retail/Ancillary	142.40 sq m	(1,533 sq ft)	S H COOK t/a Simon Henry Hairdressers	5 years from 24/06/2011	£12,752.75	23/06/2016
20 car parking spaces (Licence)					EDDOWES WALDRON & CASH		£11,400 (Licence Fee)
Part service yard					MCDONALD’S RESTAURANTS LTD	Lease expiring 13/12/2016	£4,580.26
Totals			1,207.20 sq m	(12,995 sq ft)			£325,733.01

(1) Clydesdale Bank plc is a member of the National Australia Bank Group (NAB), one of the world’s top 40 financial companies with over 12.4 million customers worldwide. (Source www.cbonline.co.uk).
(2)For the year ending 31/12/2013, Freedom Sportsline Limited reported a turnover of £95,791,000, pre-tax profits of £1,550,000 and a total net worth of £21,040,000. (Source: www.riskdisk.com 15/01/2015).
(3)The tenant has entered into an Individual Voluntary Arrangement and is not paying rent or in occupation of the property.
(4)The seller is holding a £3,750 rent deposit.
(5)The lease is subject to a tenant break option in September 2016. If excercised, the tenant is liable for a break penalty of £7,500 plus VAT. The tenant has not served notice to exercise their break option in March 2015.
(6)The rent is reviewed to the higher of Open Market Rental Value or £17,389.12 per annum.