Chaucer House Commercial Street Mansfield Nottinghamshire NG18 1AA

Chaucer House
Commercial Street
Mansfield
Nottinghamshire
NG18 1AA

Freehold Office Investment

Fully let to Nottinghamshire County Teaching PCT and Independent Training Services Limited
Accessed via the A60 Inner Ring Road (St Peter’s Way)
Close proximity to Mansfield Rail Station and opposite St Peter’s Retail Park
On-site parking for 14 cars
Nearby occupiers include Bryan & Armstrong Solicitors, Alcocks Solicitors and The Best Connection Employment Group

Lot
60
Auction
5th December 2018
Rent
£50,060 per Annum Exclusive
Status
Sold
Price
£400,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Mapeley

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Freehold Office Investment

Fully let to Nottinghamshire County Teaching PCT and Independent Training Services Limited
Accessed via the A60 Inner Ring Road (St Peter’s Way)
Close proximity to Mansfield Rail Station and opposite St Peter’s Retail Park
On-site parking for 14 cars
Nearby occupiers include Bryan & Armstrong Solicitors, Alcocks Solicitors and The Best Connection Employment Group

Lot 60
Auction 5th December 2018
Rent £50,060 per Annum Exclusive
Status Sold
Price £400,000
Sector
Office
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Mapeley

Property Information

Location

Miles: 11 miles south-east of Chesterfield; 17 miles north of Nottingham
Roads: A38, A60, A617, M1
Rail: Mansfield Railway Station
Air: East Midlands Airport

Situation

The property is located just off the A60 Inner Ring Road (St Peter’s Way), close to Mansfield railway station, in the heart of the town centre. Surrounding office occupiers include Bryan & Armstrong Solicitors, Alcocks Solicitors and The Best Connection Employment Group. Adjacent to the property is St Peter’s Retail Park, which houses retailers including Next, TK Maxx, Boots, Costa Coffee and Greggs.

Tenure

Freehold.

Location

Miles: 11 miles south-east of Chesterfield; 17 miles north of Nottingham
Roads: A38, A60, A617, M1
Rail: Mansfield Railway Station
Air: East Midlands Airport

Situation

Tenure

Freehold.

Description

The property comprises a three storey detached office building with the ground, first and second floor office accommodation arranged to provide two self-contained suites. The property benefits from on-site parking for 14 cars.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

EPC Rating Band C. Copy available to download from the legal pack at www.acuitus.co.uk

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

EPC Rating Band C. Copy available to download from the legal pack at www.acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground	Office	191.84 sq m	(2,065 sq ft)	NOTTINGHAMSHIRE COUNTY TEACHING PCT	10 years from 27/07/2011 until 26/07/2021	£15,060	27/07/2016 (1)
First/ Second	Office	393.44 sq m	(4,235 sq ft)	INDEPENDENT TRAINING SERVICES LIMITED (2)	10 years from 22/08/2018 until 21/08/2028 (4)	£35,000 (3)	Fixed increase to £35,000 on 22/08/2020 (4)
Total		585.28 sq m	(6,300 sq ft)			£50,060

(1) The 2016 rent review is outstanding.
(2) Independent Training Services was founded in 1981 as a registered charity (Source: www.ind-training.co.uk/about-us/ 01/11/2018)
(3) The lease provides a mutual option to determine on 22/08/2023.
(4) The current passing rent is £25,000 p.a.x. The lease provides fixed rental increases to £30,000 in August 2019 and £35,000 in August 2020. The seller has agreed to adjust the completion monies so that the first/second floors will effectively produce £35,000 p.a.x. from completion of the sale. There is a further rent review in August 2023.