7 9 Hounds Gate Nottingham. NG1 7AA
Rare City centre freehold retail investment with redevelopment potential Let to William Hill Organization Limited until February 2027 (with option)
Rent £35,000 per annum with review in 2017
Investment Summary Attractive 4-storey double-fronted period building located in a prime position on Hounds Gate, close to the pedestrianised Albert Street and 100 yards from Nottingham’s flagship Marks & Spencer store. Currently let in its entirety to William Hill Organization Limited on a 20 year lease from 6 February 2007 (with break option in 2017). Current rent £35,000 per annum with next review in 2017. Excellent potential to re-configure retail space and redevelop upper floors to residential use (subject to planning). Current total net floor area of about 2,800 sq ft with upper floors currently accessed via an independent external rear staircase. Offers invited in excess of £450,000 for the freehold interest, reflecting a net initial yield of just under 7.5%
Photograph of fascia October 2014
7-9 Hounds Gate Nottingham NG1 7AA
Location Nottingham is the regional capital of the East Midlands and one of the UK’s busiest th retailing destinations, being ranked 7 nationally by the size of its shopper population of 597,000, and drawing from a primary catchment of 1,043,000.
Situation The property is situated on the eastern end of Hounds Gate, a short distance from Albert Street, one of the City’s prime pedestrianised thoroughfares, which in turn leads into Lister Gate and the Intu Broadmarsh Shopping Centre. The property adjoins Le Petit Four Café and is opposite Clarks, and nearby retailers include Marks & Spencer and Vodafone on Albert Street and H&M, New Look and River Island on Lister Gate.
Description The property comprises a 4 storey period building with retail and ancillary kitchen and WC (male, female, disabled and staff) accommodation on the ground floor and three upper floors currently accessed via an independent external staircase located to the rear (also accessed via a shared passageway from Hounds Gate). We understand that the property is Listed Grade II (NGR SK5723639736) The property has a wide and prominent frontage of 33 ft (10.06 m) to Hounds Gate (excluding shared passageway leading to rear).
Accommodation Description
Use
Sq M
Sq Ft
Ground Floor
Sales
64.03
689
Ground Floor
Ancillary
9.48
102
First Floor
Ancillary
68.5
737
Second Floor
Ancillary
56.8
611
Third Floor
Ancillary
61.7
664
260.51
2,803
Total
(Measurements quoted are based on information provided by the client’s valuer)
Prospective purchasers should note that the upper floors have been unused for some time and care should be taken in inspecting.
Tenure & Tenancy The property is freehold subject to an occupational lease to William Hill Organization Limited for a term of 20 years from 7 February 2007 at a current rent of £35,000 per annum. The lease is drawn on effective full repairing and insuring terms, and incorporates a tenant break option on 7 February 2017. The next rent review is due in 2017. The permitted use is classes A1, A2 & B1 of Town & Country Planning Use Classes Order. The tenant is not currently in occupation.
William Hill Organization Limited (Company Reg No 00278208) The company was registered in 1933 and has grown to become the UK’s largest bookmaking operator with approximately 2,300 licensed betting offices, A subsidiary of William Hill plc the company is part of the William Hill Group of Companies. For the year ended 31 December 2013 the company reported a turnover of £15.339 billion (2012: £15.782 billion) and a profit after tax of £212,269,000 (2012: £301,096,000). A copy of the company’s most recent Report & Financial Statements is available on request.
VAT We are advised that the property is not elected for VAT, however prospective purchasers should rely on their own enquiries..
EPC An EPC has been obtained for the property and is available upon request.
Proposal We are instructed to invite offers in excess of £450,000 for our client’s freehold interest, which reflects a net initial yield of 7.42%. For further information and to inspect please contact the sole agents: Tim Harries Tel: 0115 935 2066 E Mail: [email protected] www.timharriesandpartners.com
Gavin Smith Tel: 0115 935 2063 [email protected]
th
6 Floor City Gate East Tollhouse Hill Nottingham NG1 5FS
Tim Harries & Partners LLP, for themselves, and the vendor for whom they act, give notice that (i) these particulars are only a general outline for the guidance of intending purchasers and do not constitute in whole or in part an offer or a contract, (ii) whilst reasonable endeavours have been made to ensure that the information given in these particulars is materially correct but any intending purchasers should satisfy themselves as to the correctness of each statement, and (iii) no person in the employment of the agent has any authority to make or give any representation or warranty whatsoever in relation to this property. November 2014
Rent £35,000 per annum with review in 2017
Investment Summary Attractive 4-storey double-fronted period building located in a prime position on Hounds Gate, close to the pedestrianised Albert Street and 100 yards from Nottingham’s flagship Marks & Spencer store. Currently let in its entirety to William Hill Organization Limited on a 20 year lease from 6 February 2007 (with break option in 2017). Current rent £35,000 per annum with next review in 2017. Excellent potential to re-configure retail space and redevelop upper floors to residential use (subject to planning). Current total net floor area of about 2,800 sq ft with upper floors currently accessed via an independent external rear staircase. Offers invited in excess of £450,000 for the freehold interest, reflecting a net initial yield of just under 7.5%
Photograph of fascia October 2014
7-9 Hounds Gate Nottingham NG1 7AA
Location Nottingham is the regional capital of the East Midlands and one of the UK’s busiest th retailing destinations, being ranked 7 nationally by the size of its shopper population of 597,000, and drawing from a primary catchment of 1,043,000.
Situation The property is situated on the eastern end of Hounds Gate, a short distance from Albert Street, one of the City’s prime pedestrianised thoroughfares, which in turn leads into Lister Gate and the Intu Broadmarsh Shopping Centre. The property adjoins Le Petit Four Café and is opposite Clarks, and nearby retailers include Marks & Spencer and Vodafone on Albert Street and H&M, New Look and River Island on Lister Gate.
Description The property comprises a 4 storey period building with retail and ancillary kitchen and WC (male, female, disabled and staff) accommodation on the ground floor and three upper floors currently accessed via an independent external staircase located to the rear (also accessed via a shared passageway from Hounds Gate). We understand that the property is Listed Grade II (NGR SK5723639736) The property has a wide and prominent frontage of 33 ft (10.06 m) to Hounds Gate (excluding shared passageway leading to rear).
Accommodation Description
Use
Sq M
Sq Ft
Ground Floor
Sales
64.03
689
Ground Floor
Ancillary
9.48
102
First Floor
Ancillary
68.5
737
Second Floor
Ancillary
56.8
611
Third Floor
Ancillary
61.7
664
260.51
2,803
Total
(Measurements quoted are based on information provided by the client’s valuer)
Prospective purchasers should note that the upper floors have been unused for some time and care should be taken in inspecting.
Tenure & Tenancy The property is freehold subject to an occupational lease to William Hill Organization Limited for a term of 20 years from 7 February 2007 at a current rent of £35,000 per annum. The lease is drawn on effective full repairing and insuring terms, and incorporates a tenant break option on 7 February 2017. The next rent review is due in 2017. The permitted use is classes A1, A2 & B1 of Town & Country Planning Use Classes Order. The tenant is not currently in occupation.
William Hill Organization Limited (Company Reg No 00278208) The company was registered in 1933 and has grown to become the UK’s largest bookmaking operator with approximately 2,300 licensed betting offices, A subsidiary of William Hill plc the company is part of the William Hill Group of Companies. For the year ended 31 December 2013 the company reported a turnover of £15.339 billion (2012: £15.782 billion) and a profit after tax of £212,269,000 (2012: £301,096,000). A copy of the company’s most recent Report & Financial Statements is available on request.
VAT We are advised that the property is not elected for VAT, however prospective purchasers should rely on their own enquiries..
EPC An EPC has been obtained for the property and is available upon request.
Proposal We are instructed to invite offers in excess of £450,000 for our client’s freehold interest, which reflects a net initial yield of 7.42%. For further information and to inspect please contact the sole agents: Tim Harries Tel: 0115 935 2066 E Mail: [email protected] www.timharriesandpartners.com
Gavin Smith Tel: 0115 935 2063 [email protected]
th
6 Floor City Gate East Tollhouse Hill Nottingham NG1 5FS
Tim Harries & Partners LLP, for themselves, and the vendor for whom they act, give notice that (i) these particulars are only a general outline for the guidance of intending purchasers and do not constitute in whole or in part an offer or a contract, (ii) whilst reasonable endeavours have been made to ensure that the information given in these particulars is materially correct but any intending purchasers should satisfy themselves as to the correctness of each statement, and (iii) no person in the employment of the agent has any authority to make or give any representation or warranty whatsoever in relation to this property. November 2014
