Retail / Office / Redevelopment opportunity.
• Total GIA 290 sq m (3,123 sq ft)
• Prominently located ground floor retail unit with first floor offices
• Close to public transport links and major arterial routes
• Lapsed planning consent for residential conversion (upper floor only) - Ref: 18/01704/PFUL3
LOCATION:
The property is situated in the Nottingham suburb of Bulwell, which is approximately four miles to the northwest of Nottingham city centre. Bulwell is a popular town with a large established retail core.
The property is located on Main Street, which is the main Bulwell thoroughfare and the unit benefits from a high volume of traffic passing.
The property is situated opposite the Bulwell Riverside Medical Centre, which is the primary medical centre in the town.
DESCRIPTION:
The ground floor is predominantly open plan with rear staff facilities and stores.
The first floor provides self-contained offices (via a separate entrance) which have been subdivided to provide the following:-
- Individual office suites
- Meeting room
- Reception
- Two kitchenettes / WC's
ACCOMMODATION / ESTIMATED RENTAL INCOME:
Ground Floor 156.3 sq m (1,682 sq ft) - Est Rent £18,000 PA
First Floor 133.9 sq m (1,441 sq ft) - Est Rent £10,000 PA
TOTAL 290.2 sq m (3,123 sq ft) - Est Rent £28,000 PER ANNUM
TENURE:
Freehold with vacant possession.
PRICE:
The property is available to purchase at:- £250,000 Freehold
which reflects a net initial yield of 10.9% after deducting purchaser's costs of 2.6% (based on the ERV's).
RATEABLE VALUE:
Ground Floor: £15,750
First Floor: £9,500
PLANNING:
E (Commercial, Business and Service)
The property could be suitable for alternative uses, subject to obtaining the necessary planning consents.
There is a lapsed planning consent for the first-floor offices to be converted into 3 x 1 bed, self-contained flats. Further information can be obtained via Nottingham City Council's planning portal under reference 18/01704/PFUL3.
VAT:
Vat is applicable to the purchase price.
EPC:
C
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