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Commercial Property for sale

Nuthall Road, Nottingham, Nottinghamshire, NG8

Guide Price £500,000

Property Description

Key features

  • Freehold
  • Development opportunity (STP)
  • Suitable for residential or mixed use development
  • Trading retail unit to front of site
  • Upper section of site to be sold with vacant possession
  • Vacant three bedroom flat
  • Service road to the rear
  • Currently generating £12,000pa
  • 0.36 acre site

Full description

Tenure: Freehold

Location
The subject property is located in a highly prominent elevated position on Nuthall Road in the Cinderhill area of the city of Nottingham. Nuthall Road (A610) acts as a gateway to Nottingham city and has a number of highly prominent commercial occupiers. The nearby area also comprises of residential property.

A regular bus service and the NET tram station provide good public transport links to Nottingham city centre which is located only 3 miles to the south.

Description
The upper part of the site is trading as a tyre sales and service station. The main service workshop fronts Nuthall Road and has a vacant flat above. There are various other storage / workshops to the upper section of the site. A café / convenience store is located below.

There is a prominent advertising hoarding included within the sale, currently rented by JC Decaux.

An unadopted private service road runs from Bells lane to the North of the property providing access to the upper level of the site. The service road is included within the title. Residential properties backing on to the service road have the right to park vehicles up to 4ft along on the road.

The site is ideally suited for re-development (STP) to form new residential units on the upper level with retail below.

Accommodation
Site Area 0.15 Hectares
Site Area 0.36 Acres
Approx. measurements from Promap
Site area does not include the service road

Investment Analysis
The retail unit is currently let at £8,250 per annum on a FRI lease for a term of 15 years from October 2015 until October 2030. Rent reviews are 5 yearly on an upwards only basis.

The advertising hoarding is rented on a licence agreement dated 9th January 2014 and is for a term of 6 years from the fee commencement date. The fee commencement date is 19th December 2013.The license fee is to be reviewed in December 2016.

The combined rental income of £12,000 reflects a net yield of 6%, before purchaser's costs.

Planning
We expect planning consent for a residential or mixed use development scheme to be considered favourably by Nottingham City Council.

Tenure
Freehold

Business Rates
The workshop has a current rateable value of £7,700.
The retail unit has a current rateable value of £4,550.
The advertising hoarding has a current rateable value of £2,100.

Asking Price
£500,000

More information from this agent

Nearest stations

  • Cinderhill (0.3 mi)
  • Phoenix Park (0.4 mi)
  • Highbury Vale (0.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

John Pye Property, Nottingham

James Shipstone House, Radford Road, New Basford, Nottingham, NG7 7EA

0115 798 0657 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Cinderhill (0.3 mi)
  • Phoenix Park (0.4 mi)
  • Highbury Vale (0.6 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

John Pye Property, Nottingham

James Shipstone House, Radford Road, New Basford, Nottingham, NG7 7EA

0115 798 0657 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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