Commercial
DRAFT DETAILS ONLY- AWAITING VENDOR APPROVAL
A superb commercial investment property comprising most imposing double fronted premises with accommodation arranged on two floors (plus mezzanine) and basement of very significant floor area.
The property is situated right in the heart of the town centre. Recent expenditure in refurbishing and repairing has been significant and the property is confidently recommended.
There are three leases and, apart from a central entrance with double outer doors, each is self-contained.
The Gallery and Café comprising -
Two Compartment Ground Floor Gallery with display window and single entrance door, rear office and access to three basement rooms. Café area at first floor level with three feature arched coloured glass windows, kitchen and servery, stairs to mezzanine Café Area, gents and ladies wc's, and a rear office/store room. There is also rear staircase access from the communal central entrance hall. The premises are centrally heated.
Chiropodist -
Two interconnected treatment rooms at ground floor level with access off the central entrance hall.
Kingdom Hall (the rear of the building) comprising -
Reception foyer, meeting hall (approx 60' x 30' with 25' eaves), disabled wc, further ladies and gents toilets, and kitchen. The premises are centrally heated.
Lease Details
The Gallery/Café is let on a five year lease (terminating 31st August 2010) at a reserved rent of £12,000 p.a. It is understood that the tenant has been in the property since 2000 and is desirous of extending the lease.
Chiropody - The tenant is holding over under an expired lease (2008) at a rent of £2,200 per annum. It is understood that the tenant is desirous of extending the lease and has indicated an agreement to an increase in rent together with a share of insurance of premium payable.
Kingdom Hall - let on a five year lease from June 2009 at £18,000 per annum.
Notes
We are advised that the Café was completely renovated three years ago during which time it was closed whilst a mezzanine floor was constructed, the café revamped, new toilets installed, refitted kitchen, air conditioning and new fire alarm system fitted. The front part of the main building has had a new roof with some new roof trusses at about the same time. The extra floor space provided by the mezzanine floor is not accounted for in the rent of the current l4ease and it is understood that the tenants are in agreement to a rent increase to approximately £15,000 a year for the first five years of a new ten year lease plus a share of insurance.
We are advised that the roof of the hall at the rear of the building was completely stripped, relathed and felt and reclad with reclaimed tiles approximately four months ago.
Vendors Solicitors/Licensed Conveyancers
Nelsons, Sterne House, Lodge Lane, Derby - 01332-372372
Tenure
Freehold.
Conditions Of Sale
The Conditions of Sale will be deposited at the offices of the auctioneers and vendors solicitors/licensed conveyancers seven days prior to sale and the purchaser shall be deemed to have knowledge of same whether inspected or not. Any questions relating to them must be raised prior to 11.30 am. Prospective purchasers are advised to check with the auctioneers before the sale that the property is neither sold or withdrawn.
The purchaser will also be deemed to have read and understood the auction conduct notes printed within the sale catalogue.
Note
Prospective purchasers will need to register within the auction room before the sale commences. Two items of identity will be required together with an indication of how a contractual deposit will be paid. We do not take cash or credit card deposits.
The sale of each lot is subject to a contract documentation charge of £350 (inc VAT) payable on the fall of the hammer.
For Sale By Auction: Thursday 3rd December 2009
At Pride Park Stadium, Derby
Commencing at 11.30 am
SUPERB COMMERCIAL INVESTMENT PROPERTY
Town centre location, with recent renovation scheme
Fully let and producing £32,200 per annum
Unrivalled opportunity
