Nottingham – High Yielding City Centre Investment with Future Redevelopment Potential

Income

£445,000 pa

Description

• Nottingham is a historic city and the regional capital of the East Midlands.
• Situated in the heart of Nottingham City Centre opposite the entrance to Intu Victoria Centre with the city’s retail, leisure and entertainment offerings within short walking distance.
• The city is home to two globally renowned universities which boast in excess of 60,000 students with Nottingham Trent University named University of the Year 2019 by the Guardian.
• The property comprises a City Centre Retail Investment arranged over basement, ground and first floors
• The deep floor plates are attractive to retailers enabling more affordable ground floor space.
• Let to the two strong covenants of Poundland Limited and Peacocks Stores Limited with an AWULT of 8 years.
• Total Current Rent: £445,000 per annum rising to £465,000 per annum in 2022.
• Comprehensive site redevelopment opportunities in the future to alternative uses, notably student, subject to vacant accommodation and necessary consents.
• Located short walking distance from Nottingham Trent University.
• Nottingham student rental market experienced 3.65% headline growth in 2018/2019.
• We are seeking offers in excess of £4,170,000 subject to contract and exclusive of VAT.  A purchase at this level reflects a net initial yield of 10% and reversionary yield of 10.47% assuming purchasers costs at 6.55%.