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Nottingham – High Yielding City Centre Investment with Future Redevelopment Potential

191-195 Victoria Centre, Lower Parliament Street, Nottingham, NG1 3DA

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Leasehold

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%.