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Commercial Property
A freehold industrial site accessed off Norton Street, Nottingham comprising 16 self-contained units extending circa 18,850sq ft (or thereabouts) in total along with yard and car parking.
The current income is £133,261 per annum with one vacant unit noted upon inspection. Some units have RPI Index linked rent reviews. Interested parties are advised to inspect the legal documents before placing their bid, as this will be binding.
The site is accessed via secure gates and consists of 16 lock-up units of brick construction with roller shutters.
The site is located within a mainly student / residential area with good access to Nottingham city centre (circa 1 mile by car) and the M1 motorway.
The property is being offered for sale subject to an overage provision in the Special Conditions of Sale, a copy is available within the legal pack. The Buyer will be required to enter into the Overage Deed simultaneously with completion of the land Transfer.
The site is sold with the following leases in place. ( Sq. Ft figures are approximate values and have not been independently verified.)
Units 1 and 2 extending 3,352sq. ft in total held on a 6-year lease commencing 06/02/2024 with current rent passing £26,500pa.
Units 3 and 4 extending 3,042sq. ft in total held on a 5 Year lease commencing 28/01/2022 with current rent passing £20,100pa.
Unit 5 extending 1,510sq. ft held on a 10-year lease commencing 01/11/2017 with current rent passing of £10,385pa. (RPI +1% rent review annually)
Unit 6 extending 958sq.ft Vacant
Unit 7 extending 739 sq.ft held on a 10 Year lease commencing 01/02/2018 with rent passing £6,029pa. (RPI rent review annually onward).
Unit 8 extending 739sq.ft held on a 9-year lease commencing 01/12/2019 with rent passing £7,020pa.
Unit 9 extending 739sq.ft held on a lease extending 6 years commencing 08/02/2019 with current rent passing of £6,820pa.
Unit 10 extending 744sq.ft held on a lease extending 3 years commencing 24/03/2023 with current rent passing £7,068pa.
Unit 11 extending 960sq.ft held on a 15-year lease commencing 01/02/2015 with current rent passing £7,850pa.
Unit 12 extending 1,833sq. ft held on a 10-year lease commencing 01/11/2017 with current rent passing £12,237pa. (RPI +1% rent review annually)
Unit 14 extending 1,329sq. ft held on a 3-year Lease commencing 26/08/2021 with current rent passing £9,800pa.
Unit 15 and 16 extending in total 2,903sq. ft held on a 10-year lease commencing 01/12/2017with current rent passing £19,453pa. (RPI rent review annually)
Total income £133,261 pa.
Interested parties are advised to inspect the legal pack for more information with regards the leases.
Please be advised that the auctioneers have not personally inspected the property internally. Prospective buyers are advised to make a viewing enquiry and any other necessary independent enquiries before placing their bid, as this will be binding.
These sales details are awaiting vendor approval.
Freehold. Part let/part vacant.
Auction Details
The sale of this property will take place on the stated date by way of Auction Event and is being sold as Unconditional with Fixed Fee.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to SDL Property Auctions Buyers Terms. Properties located in Scotland will be subject to applicable Scottish law.
Auction Deposit and Fees
The following deposits and non- refundable auctioneers fee apply:
• 10% deposit (subject to a minimum of £5,000)
• Buyers Fee of £1,500 inc. VAT
The Buyers Fee does not contribute to the purchase price, however it will be taken into account when calculating the Stamp Duty Land Tax for the property (known as Land and Buildings Transaction Tax for properties located in Scotland), because it forms part of the chargeable consideration for the property.
There may be additional fees listed in the Special Conditions of Sale, which will be available to view within the Legal Pack. You must read the Legal Pack carefully before bidding.
Additional Information
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the SDL Property Auctions home page.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack (and any applicable Home Report for residential Scottish properties).
Guide Price & Reserve Price
Each property sold is subject to a Reserve Price. The Reserve Price will be within + or - 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.
