Location
The property is prominently situated on Forman Street, a pedestrianised street in Nottingham City Centre.
Forman Street is adjacent to Nottingham’s Royal Concert Hall and Theatre Royal, as well as The Cornerhouse, which is Nottingham’s premier leisure destination.
Adjacent and nearby occupiers include Prezzo, Nando’s, Wingstop, Wagamama, Bella Italia and View Cinema.
Description
The property is arranged over ground, first and second floors, with the ground and part first floor currently used operationally by Caffé Nero.
In addition to the main pedestrian access, there is a separate external entrance from Forman Street which provides access to the upper floors.
Part of the first floor and the entire second floor are currently unused by the tenant (although under their lease) and there is potential to redevelop this accommodation for alternative uses, subject to discussions with Caffé Nero and subject to receipt of planning permission.
Asset management initiatives could be implemented following lease expiry.
Externally, Caffé Nero have a pavement licence for external seating within the primarily pedestrianised Forman Street.
Accommodation
Ground Floor: 125.9 sq m (1,355 sq ft)
First Floor: 73.1 sq m (787 sq ft)
Second Floor: 58.0 sq m (624 sq ft)
TOTAL 257.0 sq m (2,766 sq ft)
The floor areas are for general guidance only.
Tenure
The property is held freehold under Title No. NT185188, and is subject to the Caffe Nero occupational lease as described below.
Price
The property is available to buy at a price of:-
£610,000 (Freehold)
which reflects a net initial yield of 6.76% after purchaser’s costs of 5.08%.
Tenancy
The Subject Property is let on the following terms:-
Tenant: Nero Holdings Limited (T/A Caffé Nero) Company No. 03288178.
Lease Date: 21 August 2026 expiring 5 August 2031
Lease Term: Five years
Repairs: Full repairing and insuring
Insurance: Landlord insures and recharges
Passing Rent: £43,300 per annum
Tenant Covenant
Caffé Nero is Europe’s largest independently and family-owned coffee house group, operating in over 650 stores in the UK and employing over 6,000 people. They have an Experian Rating of 100. For more information please visit their website (see brochure for link).
A summary of the company’s recent financial accounts is shown below:-
Year End 31 MAY 2025 / 31 MAY 2024
Turnover: £365,951,000 / £333,295,000
Pre-Tax Profit: £21,870,000 / £22,576,000
Shareholder Funds: £390,798,000 / £370,434,000
EPC
B-40. Valid until 2032.
VAT
The property is VAT elected; however, it is understood that the sale will be made by way of a Transfer of a Going Concern (TOGC).
Data Room
Access to the data room can be provided upon request.
Anti-Money Laundering
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
Viewings
Interested parties should not visit the premises without first speaking with heb Chartered Surveyors, the sole selling agents.
