Electrical Generation Facility on a 1.31 Ha (3.25 Acre) site
Site coverage of 31%
Let until November 2035 (no breaks) with Tenant Option to Extend
Rent Reviews to the greater of Open Market Value or increased in line with Retail Price Index (3)
Situated on the well established Lenton Lane Industrial Estate
Neighbouring Occupiers include Arnold Clark Motorstore, Showcase Cinema Complex, Nandos, Five Guys and Booker
Lot 15
Auction 15th February 2024
Rent £72,000 per Annum Exclusive Rising to a minimum of £105,034 p.a.x. in 2025 (2)
Status Sold
Price £1,470,000
Sector Industrial, Warehouse
Auction Venue Live Streamed Auction
Property Information
Location
Miles
15 miles east of Derby, 26 miles north of Leicester, 46 miles south of Sheffield
Roads
M1, A52, A453
Rail
Nottingham Railway Station, Beeston Railway Station
Air
East Midlands Airport
Situation
The property is prominently located on Redfield road within the well established Lenton Lane Industrial Estate some 1.5miles south west of Nottingham City Centre. The area is popular with trade counter and wholesale occupiers and benefits from excellent road links being less than 10 miles from Junction 25 of the M1 motorway. Neighbouring occupiers include Arnold Clark Motorstore, Showcase Cinema Complex, Nandos, Five Guys, Booker and ZF Services UK.
Tenure
Freehold.
Location
Miles
15 miles east of Derby, 26 miles north of Leicester, 46 miles south of Sheffield
Roads
M1, A52, A453
Rail
Nottingham Railway Station, Beeston Railway Station
Air
East Midlands Airport
Situation
The property is prominently located on Redfield road within the well established Lenton Lane Industrial Estate some 1.5miles south west of Nottingham City Centre. The area is popular with trade counter and wholesale occupiers and benefits from excellent road links being less than 10 miles from Junction 25 of the M1 motorway. Neighbouring occupiers include Arnold Clark Motorstore, Showcase Cinema Complex, Nandos, Five Guys, Booker and ZF Services UK.
Tenure
Freehold.
Description
The property comprises a broadly regular and level site of approximately 1.31 Ha (3.25 acres) upon which is an electrical generation facility with 27 modular generators. The property benefits from a low site coverage of 31%. The wider Lenton Lane Industrial Estate was constructed upon a former Land fill site, upon which this property also sits.
The occupational lease demise does not include the entire site area of the property. There is a strip of land that is being offered with vacant possession.
VAT
VAT is not applicable to this lot.
Note
The Special Conditions of Sale provide for the Buyer to pay to the Seller an additional 2% (VAT not applicable) of the purchase price and a contribution towards the Seller's costs and fees plus VAT.
The Buyer is required to enter into an agreement with the Tenant and the Tenant's Lender in relation to the Landlord's conduct in the event that the Lender takes Enforcement Action against the tenant. A copy of the Agreement is available in the Legal Pack.
EPC
An EPC is not required for this property.
Description
The property comprises a broadly regular and level site of approximately 1.31 Ha (3.25 acres) upon which is an electrical generation facility with 27 modular generators. The property benefits from a low site coverage of 31%. The wider Lenton Lane Industrial Estate was constructed upon a former Land fill site, upon which this property also sits.
The occupational lease demise does not include the entire site area of the property. There is a strip of land that is being offered with vacant possession.
VAT
VAT is not applicable to this lot.
Note
The Special Conditions of Sale provide for the Buyer to pay to the Seller an additional 2% (VAT not applicable) of the purchase price and a contribution towards the Seller's costs and fees plus VAT.
The Buyer is required to enter into an agreement with the Tenant and the Tenant's Lender in relation to the Landlord's conduct in the event that the Lender takes Enforcement Action against the tenant. A copy of the Agreement is available in the Legal Pack.
EPC
An EPC is not required for this property.
Tenancy & Accommodation
Use
Site Area Approx Ha
Site Area Approx (Acres)
Tenant
Term
Rent p.a.x.
Reviews
Electricity Generation Facility
1.24 (1)
(3.065) (1)
CONRAD (REDFIELD) LIMITED (CRN 12950381) (2)
20 years from 05/11/2015 until 2035 (2)
£72,000 Rising to a minimum of £105,034 p.a.x. (3)
05/11/2025 05/11/2030 (3)
Land
0.07
(0.190)
VACANT POSSESSION
-
-
-
Total Approximate Site Area
1.31
(3.255)
£72,000 Rising to a minimum of £105,034 p.a.x. (3)
(1) As to Conrad (Redfield) Limited, the area of 3.065 acres is stated in the lease. (2) The property is let to Conrad (Redfield) Limited (CRN 12950381) on assignment from Viridis 178 Ltd (CRN 09464998). Viridis 178 Ltd were dissolved in 30/09/2023. Conrad (Redfield) Ltd were incorporated in October 2020 and for the year ending 31/03/2022 reported a Turnover of £16,532,446, a Pre-Tax Profit of £6,383,752 and a Net Worth of £5,033,143 (NorthRow 18/01/2024). (3) The lease provides for the rent to be reviewed upwards only to the greater of Open Market Rental Value or in line with the Retail Price Index. See lease and deed of variation for details. Using December 2023 Retail Price Index numbers of 379, the rent will increase to a minimum of £105,034 per annum exclusive at the November 2025 rent review providing the Retail Price Index numbers does not decrease.
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.
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