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Agent's details

Kings Park House and Bridgegate Centre, Bridgegate, Retford, Nottinghamshire, DN22 6AJ

For sale: £1,575,000.00|21,606 Sq Ft|Retail - High Street, Land, General Retail, Other, Land, Retail, Commercial Land, Other Property Types & Opportunities

Property details

FOR SALE£1,575,000.00
SIZE21,606 Sq Ft
ADDRESSKings Park House and Bridgegate Centre, Bridgegate, Retford, Nottinghamshire, DN22 6AJ
TYPERetail - High Street, Land, General Retail, Other, Land, Retail, Commercial Land, Other Property Types & Opportunities
TENUREDevelopment Opportunity, Investment Opportunity, For Sale Freehold
POSTED ON1st November 2022

Description

Rare opportunity to purchase a highly reversionary town centre mixed use investment comprising nine ground floor shops and a large two storey office block providing excellent potential for residential development

INVESTMENT SUMMARY

To be sold with an income of £171,928 pax (fully let with rent guarantees)
Located within the heart of Retford town centre next to the towns most popular car park and adjacent to Sports Direct and MYGYM
ERV approx £219,000 pax
21,606 Sq Ft NIA
9 shops and a largely vacant office block providing an excellent development opportunity for a conversion to residential (within PD rights) STP
Good levels of parking - 23 spaces
Asset management opportunities


PROPOSAL
Seeking offers in excess of £1,575,000 (one million five hundred and seventy five thousand pounds) reflecting an attractive NIY of 10.29% and a reversionary yield of 13.11% (assuming purchasers' costs of 6.13%



LOCATION
The property is located to the north west of Retford town centre. Retford is located within the county of Nottinghamshire close to the South Yorkshire boundary. The town is a traditional , affluent market town which has expanded over recent years as a result of improved accessibility.

Retford is a vibrant and attractive town with a catchment population of around 24,000 with a population of around 220,000 within a 10 mile radius (source Egi. Town Report) and well placed to take advantage of the surrounding centres of Sheffield, Doncaster, Lincoln, Worksop and Nottingham.

The A1 trunk road and motorway networks are close by and the town benefits from the
mainline railway Station, which has an
excellent rail service to London Kings Cross [1 hour and 40 minutes].


SITUATION
Adjacent to the property is a car park which is utilised in part by the Bridgegate Centre and also provides car parking for Sports Direct and My Gym. It is the most popular town centre car parks and also providing a pedestrian thoroughfare to the Market Square.

Bridegate itself is a popular location with boutique and local businesses and the road itself provides vehicle access into and through the town centre.

This is a typical edge of town centre location with surrounding users comprising in the main retail and residential uses.

The property is situated on a secondary retail pitch within Retford town centre. It has frontage
to both Bridgegate,and additional frontage within the precinct that forms part of the subject property.

Retford's tradition of being a market town continues today with the town offering a variety of markets as well as an impressive range of high street and independent shops. There is a popular open air market each Thursday and Saturday


DESCRIPTION
The property comprises a series of terraced buildings which are arranged to provide nine self contained ground floor retail units with glazed display frontages and extensive office accommodation on the first and second floors.

The retail portion of the property is branded as the 'Bridgegate Shopping Centre' and the office block is known as 'Kingspark House'. There is some variation in the ages of the buildings within the development but the Bridegate Centre and Kingspark House was redeveloped to it's current form in the 1990s.

The retail element is fully let to well established local occupiers and provides an excellent , varied tenant mix.

The upper floors offices are over first and second floors are separately accessed and benefit from lift access and various staircases, the space is broadly open plan and provide good levels of natural light. They are largely vacant but we consider them suitable for residential development (STP) via Permitted Development Rights. The vacant office space will be sold with a rent guarantee.

There is car parking for approximately 23 vehicles.


TENANCY and RENT
The property is let to 10 tenants (9 shops let and 1 office suite let) and will be sold as fully let with a rent guarantee over the vacant office space.

We consider the site to be reversionary with a passing rent of £171,928 per annum exclusive and an ERV of £219,124 per annum exclusive providing an excellent opportunity for rental growth.

Tenancy schedule is available upon request.

There is an excellent tenant mix and with various uses, many long established business with strong roots to the town.

*Kingspark House will benefit from a rent guarantee below the Market Rent, allowing the purchaser to benefit from an uplift in rent once let, and allowing them time to redecorate the premises for a new tenant, or gain PP for a conversion to residential.


ASSET MANAGEMENT OPPORTUNITIES
?Establish a service charge for common parts
?Re let the office space at the market rent
?Redevelop the upper floors for residential
?Rentalise the 23 car parking spaces (Excel Parking operate the next door car park)
?Push on rents in line with the market
?Refurbish the offices

DEVELOPMENT OF UPPER FLOORS
Formerly the HMRC tax offices, this open plan and spacious upper floor area is ideal for a conversion to residential within PD rights (subject to planning permission).

There is lift access and various staircases providing ease of access for a redevelopment of the site, with lots of natural light at all sides of the property. Plans can be provided upon request.


AML
The successful purchaser must comply with AML regulations.

EPC
Contained within the data room.

DATA ROOM
Contact the agent for access.

VIEWINGS
By appointment with the sole agent.

PROPOSAL
Seeking offers in excess of £1,575,000 (one million five hundred and seventy five thousand pounds) reflecting an attractive NIY of 10.29% and a reversionary yield of 13.11% (assuming purchasers' costs of 6.13%)

( Agency Pilot Software ref: 105045 )

Location

marker
Location: Kings Park House and Bridgegate Centre, Bridgegate, Retford, Nottinghamshire, DN22 6AJ

Retford (0.5 miles)

Worksop (7.4 miles)

Gainsborough Lea Road (8.3 miles)

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