Kwik Fit 240/246 Huntingdon Street Nottingham Nottinghamshire NG1 3NB

Kwik Fit
240/246 Huntingdon Street
Nottingham
Nottinghamshire
NG1 3NB

Freehold Vehicle Repair Workshop Investment

Let to Kwik Fit (GB) Ltd until June 2028 (No Breaks)
Substantial Vehicle Repair Workshop of approx. 441.80 sq. m. (4,755 sq. ft.)
Site area of 0.13 Ha (0.31 Acres)
Prominent Roadside Location in Central Nottingham on A60
June 2023 Rent Review remains outstanding
Future re-development potential (subject to consents and vacant possession)

Lot
6
Auction
21st September 2023
Rent
£48,000 per Annum Exclusive
Status
Sold
Price
£955,000
Auction Venue
Live Streamed Auction

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Freehold Vehicle Repair Workshop Investment

Let to Kwik Fit (GB) Ltd until June 2028 (No Breaks)
Substantial Vehicle Repair Workshop of approx. 441.80 sq. m. (4,755 sq. ft.)
Site area of 0.13 Ha (0.31 Acres)
Prominent Roadside Location in Central Nottingham on A60
June 2023 Rent Review remains outstanding
Future re-development potential (subject to consents and vacant possession)

Lot 6
Auction 21st September 2023
Rent £48,000 per Annum Exclusive
Status Sold
Price £955,000
Sector
Motor Trade, Petrol Station
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 15 miles north of Loughborough, 49 miles north-east of Birmingham
Roads: A60, A610, M1
Rail: Nottingham
Air: Birmingham Airport

Situation

Nottingham, regarded as the capital of the East Midlands, is approximately 15 miles north of Loughborough and 49 miles north-east of Birmingham. The city benefits from excellent road links, being less than 10 miles from Junction 25 of the M1 motorway. The property is very well located in central Nottingham fronting Huntingdon Street (A60), approximately 1 mile (1.6 km) east of the city centre and some 50 metres from the Victoria Centre with occupiers including John Lewis, Tesco, JD Sports, Superdry, Next and Pandora.

Tenure

Freehold.

Location

Miles: 15 miles north of Loughborough, 49 miles north-east of Birmingham
Roads: A60, A610, M1
Rail: Nottingham
Air: Birmingham Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor vehicle repair workshop with rear yard area. The workshop comprises approximately 441.80 sq. m (4,755 sq. ft.) upon a site area of 0.13 Ha (0.31 Acres). The rear yard area is accessible for cars and provides 17 car spaces. The property is an Active MOT test station with Site ID: V102026 (www.gov.uk).

VAT

VAT is applicable to this lot.

Planning

The property may be suitable for alternative use/development subject to the necessary consents and gaining vacant possession. The property is located within Nottingham City Council's Eastside Supplementary Planning Document (SPD), a development framework for the future development of the Eastside area which aims to promote a balance of development across the area. The neighbouring property, 248-262 Huntingdon Street has been granted planning consent for the demolition and redevelopment including retention of corner facade to Huntingdon Street / Howard Street frontage to provide purpose built student accommodation (21/01023/PFUL3).

Completion Period

Six week completion

EPC

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

Description

VAT

VAT is applicable to this lot.

Planning

Completion Period

Six week completion

EPC

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

Tenancy & Accommodation

Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Rent Review
Ground	Vehicle Repair Workshop	441.80	(4,755)	KWIK FIT (GB) LTD (1)	25 years from 13/06/2003 until 12/06/2028	£48,000	13/06/2023 (2)
Total		441.80	(4,755) (3)			£48,000

(1) For the year ending 31/03/2022 Kwik Fit (GB) Ltd reported a Turnover of £507,866,000, a Pre-Tax Profit of £22,715,000 and a Net Worth of £76,644,000 (NorthRow 22/08/2023). Formed in 1971, Kwik Fit now has over 600 centres across the UK (www.kwik-fit.com).
(2) The 13/06/2023 rent review remains outstanding.
(3) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.