Prime, fully let ground floor retail & leisure unit situated on Trent Bridge.
• Let to an F45 Fitness franchisee until April 2032
• 192 sq m (2,065 sq ft)
• High quality tenant fit out
• Net initial yield 8.5%.
• Virtual freehold 999 year lease from Dec 2019
LOCATION:
The subject property is situated on the banks of the River Trent in the affluent suburb of West Bridgford, which is approximately two miles south of Nottingham city centre.
West Bridgford and in particular, Central Avenue, is home to a range of shops and restaurants and is only short walk away from the development.
DESCRIPTION:
Unit 4 Waterside comprises a ground floor retail/leisure premises which is part of the award winning Waterside development in West Bridgford. The property has excellent prominence to Trent Bridge which has a daily traffic flow of over 40,000 vehicles.
The property is let in its entirety to H&J Calver Limited t/a F45 - a global fitness franchise concept.
The property is adjacent to Waterside Bar & Restaurant and forms part of the Waterside redevelopment completed in 2020 which comprises high specification apartments on the banks of the River Trent.
ACCOMMODATION:
Unit 4 (GF Retail Unit): 191.8 sq m (2,065 sq ft)
TENANCY INFORMATION:
Tenant - H&J Calver Limited t/as F45
Lease Start - 13 April 2022
Lease Expiry - 12 April 2032
Passing Rent - £40,000 per annum
TENANT COVENANT:
The property is let to H&J Calver Limited t/a F45 (Company No. 13731823). This is a limited company in its infancy incorporated on 9 November 2021 and the landlord holds a 3 month rent deposit.
F45 is a hugely popular global fitness franchise with over 1,750 studios across 45 countries. There are over 75 studios now across the UK. The brand is hugely popular and is endorsed by celebrities such as David Beckham and Mark Wahlberg.
VAT:
The property is VAT elected, however, it is understood that the sale will be made by way of a Transfer of a Going Concern (TOGC).
ANTI MONEY LAUNDERING:
In order to comply with anti-money laundering legislation, the purchaser will be required to provide identification documents to include a valid passport / drivers licence together with a recent utility bill.
DATA ROOM:
Access to the data room can be provided upon request.
OCCUPIER MARKET COMMENTARY:
West Bridgford is widely recognised as one of Nottingham's most popular and affluent suburbs where both the commercial and residential property markets are extremely buoyant. West Bridgford is home to landmark destinations including the City Ground, home to Nottingham Forest Football Club, and Trent Bridge Cricket Ground, home to Nottinghamshire County Cricket Club and Trent Rockets as well as hosting the national cricket team multiple times annually.
Central West Bridgford hosts an eclectic mix of national and regional tenants which includes the likes of The Botanist, Cote Brasserie, Giggling Squid, Loungers, Caffé Nero, Costa, Pizza Express and the soon to be open Wagamama's. Amongst the national tenants there are also a number of popular regional operators which includes Escabeche, Copper, Yumacha, Grounded Kitchen and O'hannes Burger.
Retailing within West Bridgford is also very strong where aspirational operators include M&S Food Store, Waterstones, Oliver Bonas and JoJo Mama Bebe to name a few, this is complemented well with quality regional operators.
TENURE:
The property is for sale by way of 999 year lease from December 2019 at a peppercorn rent.
PROPOSAL:
The long leasehold interest in the property is available at a quoting price of:- £450,000.
Which reflects a net initial yield of 8.5%, after purchaser's costs of 4.6%.
FURTHER INFORMATION:
For further information or to arrange a viewing please contact Will Torr - 07866 716 974 - wtorr@heb.co.uk
Or our joint agents, FHP Property Consultants 0115 950 7577 (Oliver Marshall or Mark Tomlinson).
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