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Mixed Use Investment
For Sale - Whitefriars House, 17 – 27 Friar Lane, Nottingham, NG1 6DA
Summary
◆◆
Prominent city centre location close to Old Market
Square and east of Maid Marian Way, A6008).
◆◆
Let to A1 covenant, Forbidden Planet (Scotland) Limited
and 2A2 covenant Orthoworld Limited.
◆◆
Comprising a mixed use retail and office building of
14,821 sq ft (1,376.85 sq m) on a site extending to
0.099 hectares (0.244 acres) with the benefit of on
site parking.
◆◆
Asset management opportunity with redevelopment
potential (STPP).
◆◆
Current passing rental £138,250per annum with
potential reversionary increase, assuming letting of the
vacant office unit and with effect from 16 December
2015 to £143,250 per annum.
◆◆
Freehold.
◆◆
Offers are sought in excess of £1,300,000 (One Million
and Three Hundred Thousand Pounds).
◆◆
A purchase at this level would reflect an attractive net
initial yield of 9.65% and a reversionary yield based on
a letting of the vacant office unit and with effect from
16 December 2015 of 10.42%, subject to contract and
exclusive of VAT, assuming standard purchasers costs
at 5.8%.
savills.co.uk
Nottingham
Retailing in Nottingham
The City of Nottingham lies at the heart of the UK and is regarded as the
commercial and administrative hub of the East Midlands.
City Centre retail floor space in Nottingham is estimated at 2.88 million sq ft, above
the Major City average and ranking the City 5 of the PROMIS Centres on this
measure, drawing from an estimated shopping population of 586,000 and primary
catchment area of 1,059,000.
With an economy worth an estimated £12.1 billion, Nottingham is served by
a substantial diversified workforce, with over 15 million people living within a
50 mile radius of the centre, covering an extensive area running south towards
Loughborough and west towards Derby. Mansfield is to the north and Newark on
Trent and Grantham to the north east and east.
The City attracts a number of international corporations with over 50 Regional
and National headquarters based in the City. Nottingham is the home to Alliance
Boots, Experian, E.ON UK, Imperial Tobacco Limited, Gala Group, Siemens,
Speedo, Vision Express, Games Workshop, Capital One and Rolls Royce.
Location
Located in the centre of the UK 125 miles north of London, Nottingham is served
by three junctions of the M1 motorway (24 – 26). The City is directly linked to
the Midland Mainline (London St Pancras 1 hour 45 minutes), Nottingham East
Midlands Airport provides direct flights to 90 international destinations and the
City’s modern tram system carries an estimated 9.5 million passengers every year.
Situation
The property occupies a prominent position fronting Friar Lane to the south
at its junction with Spaniel Row, to the west of Old Market Square and east of
Maid Marian Way (A6008).
Nearby occupiers include Walkabout, Games Workshop, Cancer Research UK,
Johnsons, Costa Coffee and Burtons/Dorothy Perkins.
The prime retailing is concentrated in the Victoria Centre and Bridlesmith Gate,
further complemented by the retail thoroughfares of Clumber Street, Lister Gate and
the Broadmarsh Shopping Centre.
Lister Gate is the dominant prime High Street pitch, benefiting from large, well
configured shop units and the presence of retailers, including Marks and Spencer,
H&M, River Island and New Look.
The INTU owned Broadmarsh Shopping Centre anchors the southern end of Lister
Gate and comprises 450,000 sq ft, anchored by Boots, Wilkinson, BHS and Argos.
The scheme is due to undergo substantial refurbishment and re-configuration,
further details on www.intugroup.co.uk.
Description
White Friar House comprises an attractive brick built mixed use building arranged
over basement, ground and two upper levels of a brick construction with dress
stone detailing under a flat roof.
The accommodation is configured to provide two retail units, public house and three
suites of offices. In addition, there is a single storey ‘Coach House’ to the rear of the
main building which is approached internally from the main office entrance or via the
car park to the rear.
The offices are accessed via a self contained entrance hall and benefit from excellent
natural light to both the front and rear, they are arranged to provide open plan
rectangular accommodation which can be easily sub-divided.
The accommodation has suspended ceilings with recessed fluorescent lighting,
perimeter trunking, male and female toilets on each floor and kitchenette
facilities. In addition, seven car parking spaces are provided in a private courtyard
to the rear, accessed via Spaniel Row.
Covenant
Frontline Recruitment Limited is rated A3 by Dun & Bradstreet, which
represents a greater than average risk of business failure and has produced the
following accounts over the last three years:
Period
Year Ended
31.10.2013
Year Ended
31.10.2012
Year Ended
31.10.2011
Turnover/Net Sales
-
-
-
Pre-Tax Profit (Loss)
-
-
-
£413,525
£395,327
£541,088
Net Worth
Earth & Air Limited is rated N1 by Dun & Bradstreet, which represents a
lower than average risk of business failure. However there is no financial
information available.
Forbidden Planet (Scotland) Limited is rated A1 by Dun & Bradstreet, which
represents a minimum risk of business failure and has produced the following
accounts over the last three years:
Period
Year Ended
31.03.2014
Year Ended
31.03.2013
Year Ended
31.03.2012
Turnover/Net Sales
£11,032,465
£9,702,527
£8,944,610
Pre-Tax Profit (Loss)
£75,979
£35,550
£21,470
Net Worth
£580,857
£533,786
£157,903
Orthoworld Limited is rated 2A2 by Dun & Bradstreet, which represents a
lower than average risk of business failure and has produced the following
accounts over the last three years:
Period
Year Ended
31.03.2014
Year Ended
31.03.2013
Year Ended
31.03.2012
Turnover/Net Sales
-
-
-
Pre-Tax Profit (Loss)
-
-
-
£2,933,000
£2,933,000
£2,933,000
Net Worth
Great Northern Inns Limited is rated 1A2 by Dun & Bradstreet, which
represents a lower than average risk of business failure and has produced the
following accounts over the last three years:
Period
Year Ended
31.03.2014
Year Ended
31.03.2013
Year Ended
31.03.2012
Turnover/Net Sales
-
-
-
Pre-Tax Profit (Loss)
-
-
-
£1,335,707
£991,577
£546,804
Net Worth
Tenure
The property is held freehold.
EPC
The property has the following Energy Performance Certificate Rating:
15-17 Friar Lane E 109
19-23 Friar Lane D 100
25 Friar Lane
D 100
27 Friar Lane
D 81
VAT
VAT is applicable.
Proposal
Offers are sought in excess of £1,300,000 (One Million and Three Hundred
Thousand Pounds).
A purchase at this level would reflect an attractive net initial yield of 9.65%, and
a reversionary yield based on a letting of the vacant office unit and with effect
from 16 December 2015 of 10.42%, subject to contract and exclusive of VAT,
assuming standard purchasers costs at 5.8%.
Site Area
The site provides an area of approximately 0.099 hectares (0.244 acres).
NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed.
Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright
licence number 100024244 Savills (UK) Limited.
Accommodation and Tenancy
Unit
Tenant
Accommodation
Lease Terms
Current Rent
Basement & Ground Floor
Earth & Air Ltd t/a
Rohan
Ground Fl: 587 sq ft (54.49 sq m)
The tenant is currently holding over
and has indicated they are prepared
to enter into a new 5/10 year lease
on similar terms to existing.
£17,500 pa
Ground Fl: 1,847 sq ft (171.63 sq m)
15 years from 18.08.2004.
£45,000 pa
Basement: 1,108 sq ft (102.90 sq m)
FRI.
17 Friar Lane
Basement: 521 sq ft (48.37 sq m)
Total: 1,108 sq ft (102.86 sq m)
Basement & Ground Floor
19-25 Friar Lane
Forbidden Planet
(Scotland) Ltd
Total: 2,955 sq ft (274.53 sq m)
First Floor (part)
Vacant
583 sq ft (54.16 sq m)
N/A
ERV £5,500 pa
Frontline
Recruitment Ltd
First Fl: 1,517 sq ft (140.9 sq m)
10 years from 25.03.2006.
£30,000 pa
Second Fl: 2,141 sq ft (198.9 sq m)
FRI.
19-25 Friar Lane
First Floor (part) & Second
Floor
19-25 Friar Lane
Ground & First Floor (part)
25 Friar Lane
Total: 3,658 sq ft (339.8 sq m)
Orthoworld 2000
Ltd
TOTAL
15 years from 29.10.2001.
Mezzanine: 273 sq ft (25.4 sq m)
FRI.
£20,250 pa
Total: 2,204 sq ft (204.8 sq m)
Rear Coach House
27 Friar Lane
Ground Fl: 1,931 sq ft (179.4 sq m)
Great Northern Inns
Ltd
Ground Fl: 1,253 sq ft (116.4 sq m)
10 years from 16 September 2013.
£20,000 pa to 15.12.2015
First Fl: 1,157 sq ft (107.5 sq m)
Rent Review 15 September 2023.
£25,000 pa to 15.12.2018
Second Fl: 817 sq ft (75.9 sq m)
FRI.
£30,000 pa to 15.12.2020
Basement: 1,086 sq ft (100.9 sq m)
£35,000 pa to 15.12.2021
Total: 4,313 sq ft (400.7 sq m)
£40,000 pa to 15.12.2023
14,821 sq ft (1,376.85 sq m)
£138,250 pa
Savills Nottingham
9 Fletcher Gate, Nottingham NG1 1QQ
+44 (0) 115 934 8000
nottingham@savills.com
Viewing and Further Information
Strictly by appointment with the Sole Agents, Savills.
Victor Ktori
T: +44 (0) 115 934 8171
E: vktori@savills.com
Christine Thorn
T: +44 (0) 115 934 8152
E: cthorn@savills.com
NOTE - Published for the purposes of identification only and although believed to
be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey
Map with the permission of the Controller of H.M. Stationery Office © Crown
copyright licence number 100024244 Savills (UK) Limited.
NOTE - Published for the purposes of identification only and although believed to
be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey
Map with the permission of the Controller of H.M. Stationery Office © Crown
copyright licence number 100024244 Savills (UK) Limited.
Important Notice
Savills, their clients and any joint agents give notice that:
1. They are not authorised to make or give any representations or warranties in relation to the property either here
or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for
any statement that may be made in these particulars. These particulars do not form part of any offer or contract
and must not be relied upon as statements or representations of fact.
2. Any areas, measurements or distances are approximate. The text, images and plans are for guidance only
and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning,
building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers
must satisfy themselves by inspection or otherwise.