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The Waterside, Trent Bridge, West Bridgford NG2 5FG

Leasehold
£1,200,000

£581.11 per sq. ft.

Business rates & charges may apply

HEB Property Consultants, Nottingham
SIZE AVAILABLE
2,065-5,094 sq. ft.
(192-473 sq. m.)
SECTOR
High street retail property for sale
USE CLASS
Use class orders: A1 Shops, A3 Restaurants and Cafes, A4 Drinking Establishments, Class E and Sui Generis
A1, A3, A4, E, sui_generis_3

Key features

  • Retail & Leisure Investment.
  • 473.2 sq m (5,049 sq ft) with outdoor terrace.
  • Part let to the Waterside Bar + Kitchen until 28 June 2045 at £60,500 per annum.
  • Part Vacant with 12 month rent guarantee (ERV £40,000 per annum).
  • 40,000 daily traffic flow past the property.
  • Quoting price of £1,200,000.
  • Net Initial Yield of 7.91%.

Property description

Tenure: Leasehold

LOCATION:
The subject properties are situated on the banks of the River Trent in the affluent suburb of West Bridgford, which is approximately two miles south of Nottingham city centre.

West Bridgford, and in particular, Central Avenue, is home to a range of shops and restaurants and is only short walk away from the development.

The property has excellent prominence to Trent Bridge which has an estimated daily traffic flow of over 40,000 vehicles.

DESCRIPTION:
The subject properties form the ground floor retail and leisure offering within the award-winning Waterside development of luxury apartments and penthouses adjacent to Trent Bridge.

The first unit is occupied by The Waterside Bar + Kitchen which is a contemporary bar and restaurant with an all-day offering. The unit has a large terrace with external seating overlooking the River Trent.

The bar and restaurant was fully refurbished both internally and externally in 2020 with further plans to build several pergolas on the terrace (subject to planning).

The second unit is a predominantly open plan shell which was most recently used as the show suite for the development.

Both units have modern, fully glazed shopfronts and access to cellarage/storage.

ACCOMMODATION (GROUND FLOOR)
The Waterside Bar + Kitchen 281.4 sq m (3,029 sq ft)
Retail Unit: 191.8 sq m (2,065 sq ft)
TOTAL: 473.2 sq m (5,094 sq ft)

TENANCY INFORMATION:
UNIT - The Waterside Bar + Kitchen
TENANT - Great Northern (SWB) Limited
LEASE START - 29th June 2020
LEASE EXPIRY - 28th June 2045
PASSING RENT - £55,000 per annum*

UNIT 1 -
TENANT - 1 year rental guarantee
PASSING RENT - £40,000 per annum

TOTAL £95,000 per annum

*Rent topped up to £60,500 until 1st July 2026 in lieu of pandemic relief previously granted. Further background is available upon request.

TENANT CONVENANT:
The Waterside Bar + Kitchen is part of Great Northern Group run, formerly Great Northern Inns, who are a Nottingham-based pub company with 11 bars, pubs and venues in Nottingham City Centre and the surrounding areas, including West Bridgford, Mapperley, Bingham and Newark.

Group Website:-

Waterside Bar + Kitchen Website:-

The majority of the venues are held in separate companies with the subject property being in the name of Great Northern (SWB) Limited. Experian Rating of 15/100.

SERVICE CHARGE:
There is a service charge levied in relation to external maintenance and upkeep of the common areas. The charges for the current year ending 31/12/2021 are as follows:-

Waterside Bar + Kitchen £1,862.32 per annum
Unit 1 £1,485.27 per annum

EPC:
EPC's have been commissioned.

OCCUPIER MARKET COMMENTARY:
West Bridgford is widely recognised as one of Nottingham's most popular and affluent suburbs where both the commercial and residential property markets are extremely buoyant. West Bridgford is home to landmark destinations including the City Ground, home to Nottingham Forest Football Club, and Trent Bridge Cricket Ground, home to Nottinghamshire County Cricket Club and Trent Rockets as well as hosting the national cricket team multiple times annually.

Central West Bridgford hosts an eclectic mix of national and regional tenants which includes the likes of The Botanist, Cote Brasserie, Giggling Squid, Loungers, Caffé Nero, Costa, Pizza Express and the soon to be open Wagamama's. Amongst the national tenants there are also a number of popular regional operators which includes Escabeche, Copper, Yumacha, Grounded Kitchen and O'hannes Burger.

Retailing within West Bridgford is also very strong where aspirational operators include M&S Food Store, Waterstones, Oliver Bonas and JoJo Mama Bebe to name a few, this is complemented well with quality regional operators.

TENURE:
The property is for sale by way of 999 year lease from December 2019 at a peppercorn rent.

PROPOSAL:
The long leasehold interest in the property is available at a quoting price of:-
£1,200,000
(One Million Two Hundred Thousand Pounds)

Which reflects a net initial yield of 7.91% when including the rent payment plan, after usual purchaser's costs of 5.92%.

VAT:
It is envisaged the sale will proceed by way of a Transfer of a Going Concern (TOGC).

ANTI MONEY LAUNDERING:
In accordance with the anti-money laundering regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

DATAROOM:
Access to the data room can be provided upon request.

FURTHER INFORMATION:
For further information or to arrange a viewing please contact:-
heb Surveyors - Will Torr or FHP - Mark Tomlinson or Oliver Marshall) - see brochure below for contact details.

CLICK LINK BELOW FOR SALES PARTICULARS

Brochures

The Waterside, Trent Bridge, West Bridgford NG2 5FG

NEAREST STATIONS

Distances are straight line measurements from the centre of the postcode
  • Nottingham Station0.8 miles
  • Station St Tram Stop0.8 miles
  • Lace Market Tram Stop1.1 miles

About HEB Property Consultants, Nottingham

Apex Business Park Wilford, Nottingham, NG11 7DD

heb Property Consultants are one of the region’s leading practices of Chartered Surveyors that specialise in all aspects of commercial property. We are a multi-discipline consultancy and our clients range from corporate companies and pension funds to small property trusts and individuals, we also provide various services to local authorities and charities.

Our ethos is based around core principles of strong communication with our clients, partner led services and a commitment to both cr

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Notes

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Disclaimer - Property reference Waterside-INVESTMENT-SALE. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by HEB Property Consultants, Nottingham. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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