34 Market Street
Address
Prices
Offers in the region of £775,000
Size
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Overview
- Located in the Heart of Nottingham City Centre
- Characterful Grade II listed building
- Fully let retail unit with two modern 2-bed apartments
- Offers invited at a quoting price of £775,000 which reflects a NIY of 7.74% having allowed 5.49% purchaser’s costs
- Current total passing rent of £65,300 p.a.
- EPC rating B/32
Location
Situated in the heart of Nottingham City Centre, the property occupies a prime and highly visible position on Market Street, a key pedestrian thoroughfare connecting Upper Parliament Street with Old Market Square. The location is within close proximity of Nottingham Trent University, The Cornerhouse and lies directly opposite the Theatre Royal.
This is a vibrant and well-established trading location, characterised by a diverse mix of national and independent operators such as Starbucks, Revolución de Cuba, Copper, Slug & Lettuce and Escobar.
Description
The property comprises a ground floor and basement retail unit and two separate self-contained 2-bedroom apartments.
The retail unit consists of a spacious basement level seating area with split level male/female WC’s. At ground level, there is a fully fitted commercial kitchen with additional customer seating and ancillary stores.
The apartments consist of an open-plan living/dining area, fully fitted family bathroom with over shower bath, two double bedrooms with master en-suite.
Floor Area
Ground Floor Sales Area - Available
82 sq m (880 sq ft)
Basement - Available
101 sq m (1,090 sq ft)
1st Apartment 1 - Available
65 sq m (700 sq ft)
2nd Apartment 2 - Available
65 sq m (700 sq ft)
EPC
The property has an EPC rating of 32/B.
Town & Country Planning
We understand the property has an established consent for uses falling within Class E (Commercial Business & Services) of the Town & Country Planning (Use Classes) Order revised 2020.
Tenure
Freehold, subject to and with the benefit of the occupational lease to Greek Food Nottingham Ltd T/A The Souvlaki (Company No. 15173318) on the following terms:
Term: 10 years
Lease Commencement: October 2024
Annual Rent: £36,500 per annum
Rent Review: October 2029
Additionally, Apartments 1 and 2 on the upper floors are let by way of Assured Shorthold Tenancies at rents of £14,400 per annum per apartment.
Guide Price
Offers invited at a quoting price of £775,000 which reflects an NIY of 7.74% having allowed 5.49% for purchaser’s costs.
VAT
VAT is applicable to the price. The transaction will be treated as a TOGC for VAT purposes.
Legal Costs
Each party will be responsible for their own legal costs incurred in documenting the transaction.
Anti Money Laundering Policy
In accordance with Anti-Money Laundering Regulations, two forms of I.D. and confirmation of the source of funding will be required from the successful purchaser.
Roseway House,
Unit 8 Wheatcroft Business Park,
Landmere Lane,
Edwalton,
Nottingham,
NG12 4DG
