Market Place, Mansfield, Nottinghamshire, NG18 1HZ

We are delighted to present an exceptional mixed use investment opportunity in the heart of Mansfield. A newly converted apartment block with retail at ground floor with Greggs in occupation and a further vacant unit, offering outstanding potential for both established investors and asset managers seeking a valuable addition to their portfolio.

The property comprises a former office block, constructed of reinforced concrete frame with local stone cladding, occupying a site area of approximately 0.06 acres.

The building is mixed-use with 2 x ground floor retail units and upper floors converted to 12 new apartments.

Ground Floor (Retail)

Greggs Unit - Let on a 10 year Lease to March 2027 at a passing rent of £28,000 pa reflecting £20.01 psf (inclusive of the basement). The unit extends to 786 sq. ft at ground floor and 613 sq. ft basement.

Initial discussions with Greggs indicate their intention to stay and re-gear the Lease.

Vacant Unit - Formerly occupied by Barclays Bank and currently marketed To Let by Lester & Bingley, the unit extends to 1,593 sq. ft at ground floor with a large basement available subject to negotiations. The unit is currently being marketed at £40,000 pa reflecting 25.10 psf.

Residential Development (Upper Floors)

The property benefits from the conversion of the upper floors to provide 12 residential apartments with practical completion by December 2025 and benefitting from 10 year structural warranty. All apartments will benefit from EPC C futureproofing the residential element from any impending changes:

- Ground Floor (rear) - 3 flats (1 x two-bed, 2 x one-bed)
- First Floor - 5 flats (4 x one-bed, 1 x two-bed duplex)
- Second Floor - 4 flats (all one-bed)

The residential element spans to an impressive total net internal area of 579 sq m (6,232 sq ft). With an expected gross rental income for the residential of between £102,000 and £109,500 per annum and the benefit of freehold tenure, this is a compelling offer for those seeking strong, long-term returns.

Tenancy & Income

Greggs - £28,000 per annum (lease expiry 2027)
Vacant Unit (ERV) - £35,000 - £40,000 per annum
Residential ERV - £102,000 - £109,500 per annum

Total Projected Income: £165,000 - £177,500 per annum

Investment Considerations

- Prominent position in Mansfield's prime retail pitch
- Secure income from Greggs, a strong national covenant
- Vacant retail unit with strong re-letting potential
- 12 high-yielding residential flats with 10 year new build warranties
- Attractive projected gross yield of 7.85% - 8.45% on the asking price

Mansfield is an established market town located in north Nottinghamshire, approximately 15 miles north of Nottingham and 25 miles south of Sheffield. The property occupies a prominent position on the Marketplace, the prime pedestrianised retail area within Mansfield town centre.

Nearby national occupiers include Superdrug, New Look, M&S, McDonald's, Holland & Barrett, River Island, and Lounges, amongst others, ensuring strong footfall and a vibrant retail environment.