Mansfield Road, Eastwood

For sale under Auction terms and conditions
Chester House, 2-6 Mansfield Road, Eastwood, Nottinghamshire NG16 3AQ
Guide Price: £160,000
Auction Venue: Palace Auctions London – Live in-room and online bidding
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Property Overview
Palace Auctions London is delighted to present Chester House, a substantial three-storey freehold mixed-use investment opportunity in the heart of Eastwood, Nottinghamshire. This prominent and attractive building occupies a prime position on Mansfield Road, the principal commercial thoroughfare of Eastwood, and offers a compelling blend of secure income, asset management potential, and significant development upside.

Chester House comprises a ground-floor retail unit, currently let to a pharmacy, and four serviced office suites arranged over the first and second floors. The upper floors are part-vacant, providing immediate scope for re-letting, refurbishment, or conversion to alternative uses (subject to planning). The property’s flexible layout, strong location, and established planning status make it ideally suited to investors, owner-occupiers, and developers seeking a value-add opportunity in a thriving market town.
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Accommodation and Floor Areas
• Ground Floor: Retail unit (pharmacy), let to a national or regional operator. The unit benefits from a prominent shopfront, large display windows, and direct access from Mansfield Road. The interior is well-presented, with open-plan retail space, ancillary storage, and staff facilities.
• First and Second Floors: Four serviced office suites, accessed via a separate entrance. The offices are arranged over two floors, with flexible layouts suitable for a range of occupiers. Part of the upper floors are currently vacant, offering immediate scope for re-letting or conversion.
• Total Floor Area: Estimated at 2,500–4,000 sq ft (232–372 sq m) across three floors (subject to measured survey).
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Tenancy Details and Income
• Ground Floor Tenant: Pharmacy (tenant name and lease details in legal pack).
• Lease Length: To be confirmed in the legal pack.
• Current Rent: The pharmacy provides a secure income stream, with comparable pharmacy rents in Eastwood typically ranging from £10,000–£15,000 per annum, depending on size and covenant strength.
• Upper Floors: Four serviced office suites, with a mix of tenanted and vacant units. Tenancy schedules, lease lengths, and rents for each suite are detailed in the legal pack.
• Gross Income: The property currently generates some income per annum, with scope for uplift through re-letting or conversion of vacant space.
• Vacant Possession: Part-vacant, offering immediate asset management and value-add potential.
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Planning Status and Development Potential
Chester House is classified as a mixed-use property, with established planning consent for ground-floor retail (Use Class E) and upper-floor offices (Use Class E or B1). The property is not listed, but it is located within the Eastwood Conservation Area, which introduces additional design and heritage controls for external alterations and development.

Permitted Development Rights (Class MA):
Under the current Town and Country Planning (General Permitted Development) (England) Order 2015 (as amended), Class MA allows for the conversion of qualifying Class E premises (including offices and retail) to residential use (Class C3) via prior approval, rather than full planning permission. As of 2026, the regime is highly favourable:
• There is no floorspace limit for Class MA conversions.
• No vacancy requirement applies; the building must have been in Class E use for at least two years.
• Prior approval is required for matters such as transport, flooding, noise, contamination, and natural light.
• National space standards apply.
• Class MA does not apply to listed buildings or those subject to an Article 4 Direction specifically removing these rights.

Broxtowe Borough Council Context:
Broxtowe Borough Council currently has no Article 4 Direction in place restricting Class MA conversions in Eastwood town centre, making Chester House eligible for upper-floor residential conversion (subject to prior approval and compliance with Conservation Area requirements). The Council’s Local Plan and Aligned Core Strategy support mixed-use development and town centre regeneration, provided proposals enhance the area’s character and deliver high-quality design.

Development Potential:
The part-vacant upper floors offer significant scope for conversion to residential apartments, serviced accommodation, or further commercial subdivision. The property’s configuration, access, and town centre location make it suitable for a range of value-add strategies, including refurbishment, re-letting, or conversion to alternative uses. Investors are encouraged to engage with Broxtowe Borough Council’s planning team for pre-application advice and to review the legal pack for all planning correspondence and consents.
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Location and Local Area
Eastwood is a vibrant market town in the Borough of Broxtowe, approximately 8 miles northwest of Nottingham city centre and 10 miles northeast of Derby. The town benefits from excellent transport links via the A610, M1 (Junction 26, 3 miles east), and regular bus services, providing swift access to the wider East Midlands. Eastwood’s town centre is a bustling commercial hub, home to a diverse mix of national and independent retailers, cafes, restaurants, and leisure facilities.

Chester House enjoys a highly visible position on Mansfield Road, close to the junction with Nottingham Road and within a short walk of Hall Park Academy, supermarkets, and local amenities. The property is surrounded by established businesses, ensuring high footfall and strong demand for both retail and office accommodation. Eastwood is renowned as the birthplace of D.H. Lawrence, with a rich cultural heritage and a growing population, making it an attractive location for investment and business growth.
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Transport Links
• Road: The property is just 3 miles from Junction 26 of the M1 motorway, providing direct access to the national motorway network and rapid connections to Nottingham, Derby, and the wider East Midlands.
• Rail: Langley Mill station is 1.6 miles from Eastwood town centre, offering hourly services to Nottingham, Sheffield, and Leeds via East Midlands Railway and Northern Trains.
• Bus: The Rainbow One (Trent Barton) provides frequent services connecting Eastwood to Nottingham Victoria Bus Station, Kimberley, Ripley, and Alfreton, with journey times to Nottingham of approximately 34–40 minutes.
• Air: East Midlands Airport is approximately 13 miles away, offering domestic and international flights.
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Local Investment Context
Planning and Regeneration:
Broxtowe Borough Council’s planning policy is supportive of mixed-use schemes and town centre regeneration. The Council is an early adopter of High Street Rental Auctions, targeting persistent vacancies and supporting the revitalisation of Eastwood’s commercial core. Over £1 million in funding has been allocated for town centre improvements, including CCTV, environmental upgrades, and cultural projects such as the D.H. Lawrence AR Trail.

Market Yields:
• Residential: The NG16 postcode (Eastwood) offers average gross rental yields of 4.3%, with average house prices at £244,530 and average monthly rents of £881.
• Commercial: Office and retail rents in Eastwood average £11 per sq ft, with yields for mixed-use freeholds typically in the 6–8% range, depending on letting status and development potential.
• Auction Comparables: Recent auction sales of similar three-storey, town-centre mixed-use freeholds in the East Midlands have achieved hammer prices of £180,000–£400,000, often exceeding guide prices by 10–25% where there is strong investor competition.
Demand Drivers:
• Pharmacy/Healthcare: Ground-floor pharmacy tenants are highly sought after, offering secure, long-term income streams and benefiting from NHS policy support and community demand.
• Serviced Offices: Demand for flexible office space remains robust in secondary towns, with occupancy rates of 80–95% for well-presented suites.
• Residential Conversion: The current regulatory environment is favourable for upper-floor residential conversion, with no Article 4 Direction restricting Class MA rights in Eastwood as of May 2026.

Demographics and Footfall:
Eastwood has a population of 18,887 (2021 Census), with a balanced age profile and a strong local workforce. The town centre retail/leisure occupancy rate is 88.7%, just below the national average, and the current retail/office vacancy rate in the High Street Rental Auction area is 12%. Ongoing regeneration and infrastructure investment underpin the town’s long-term appeal for mixed-use development.
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Legal Pack and Buyer Fees
A comprehensive legal pack is available to all registered bidders and includes:
• Official copy of the register of title and title plan
• Office copy entries and title documents
• Special conditions of sale
• Tenancy agreements and lease summaries
• Planning correspondence and consents
• EPC certificate (if available)
• Rateable value and business rates information

Buyer’s Premium: 2% of the hammer price (plus VAT), subject to a minimum fee (e.g., £5,000 + VAT).

Administration Fee: £1,000 + VAT per lot.

Deposit: 10% of the purchase price payable immediately upon the fall of the hammer.
Completion: 28–56 days from the auction date, as detailed in the special conditions of sale.

All fees and charges are disclosed in accordance with RICS and National Trading Standards requirements. Buyers are advised to review the legal pack for full details of all liabilities and costs associated with the purchase.
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EPC Rating and Rateable Value
The EPC rating is not explicitly stated in the public listing. However, as a commercial property, an EPC certificate is required for marketing and sale. The legal pack will include the current EPC, which for similar mixed-use buildings in Eastwood typically ranges from C to E, depending on the age and condition of the building.

The ground-floor pharmacy and upper-floor offices will each have their own rateable values, as assessed by the Valuation Office Agency (VOA). Comparable retail units in Eastwood have rateable values in the range of £7,000–£12,000, while small office suites typically range from £2,000–£5,000 per unit.
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Viewing Arrangements
Viewings are available by appointment through Palace Auctions London. Interested parties are encouraged to contact the auction team to arrange a site visit and to download the legal pack for full information. The property may also be viewed at any reasonable time during business hours with a copy of the sales particulars in hand.
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Investment and Asset Management Potential
Chester House represents a rare opportunity to acquire a substantial freehold mixed-use building in a thriving town centre location. The secure income from the ground-floor pharmacy, combined with the asset management and development potential of the upper floors, offers a compelling blend of immediate returns and long-term capital growth. The property’s flexible layout, strong location, and established planning status make it ideally suited to investors, owner-occupiers, and developers seeking a value-add opportunity in a vibrant market town.
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Legal Disclaimer
All information is provided in good faith and is believed to be accurate at the time of publication. Prospective purchasers must rely on their own enquiries and the contents of the legal pack. The property is sold subject to the RICS Common Auction Conditions, special conditions of sale, and any addenda issued prior to the auction. The guide price is for guidance only and may be subject to change. Buyers are advised to satisfy themselves as to all aspects of the property prior to bidding.
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Contact
Palace Auctions London
11 Old Bond Street, Mayfair, London W1S 4PN
Phone: +44 (0)20 7101 3647
Email:
Website: palaceauctions.com