Commodore Court, Unit 1 Nuthall Road, Nottingham, NG5 5DQ

A Virtual Freehold Investment Opportunity let to Community Health and Eyecare Ltd

Property details

Type Investment
Tenure Long Leasehold - A new 999 year lease from completion at a peppercorn ground rent.
Price £1,300,000
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Features
  • Substantial modern purpose-built retail unit of 8,159 sq. ft (758.27 sq.m).
  • Let to Community Health and Eyecare Limited, an NHS service provider.
  • Let for 10 years from 11/06/2021, expiring 10/06/2031.
  • Passing rent - £89,759 per annum.
  • Offers based on £1,300,000 plus VAT, reflecting a NIY of 6.51%
Location
Nottingham is considered to be the commercial capital of the East Midlands and is one of the UK’s busiest retailing destinations. It is one of the UK’s largest cities and is consistently in the top ten centres ranked nationally by size of shopping catchment. The city is located 51 miles (82 km) northeast of Birmingham, 110 miles (177 km) north of London, 27 miles (43 km) north of Leicester and 43 miles (69 km) south of Sheffield. The city is well connected in terms of transport communications with close proximity to the M1 motorway which lies 4 miles (6.4 km) to the west of the city linking Leeds in the North with Leicester and London in the south. The subject property is located approximately 2 miles northwest of Nottingham city centre and occupies a prominent roadside location on the busy A610, which is the main arterial route linking the city to J26 of the M1. Other commercial occupiers of note in the vicinity include KFC, Iceland, Halfords, Greggs and Domino’s.
Description

The property comprises a prominent corner ground floor unit extending to 8,159 sq. ft ( 758.27 sq. m). Unit 1 is the predominant unit of the wider 15,039 sq. ft. Commodore Court scheme with other neighbouring occupiers including Barnardo’s.

Accommodation
Ground Floor 8,159 sq ft ( 758.27 sq. m).
Price
Offers based on £1,300,000 plus VAT are sought for the long leasehold interest . A purchase at this level would reflect a net initial yield of 6.51%, after purchaser’s costs of 5.99%.
Tenancy
The property is let in its entirety to Community Health and Eyecare Limited for a term of ten years from 11/06/2021, expiring 10/06/2031, at a passing rent of £89,749 per annum. There is a rent review and break clause on 11/06/2026.

Community Health and Eyecare Limited (Registration Number 07296068) are a service provider for the NHS. Founded in 2012, CHEC has worked in partnership with thousands of optometrists and are now one of the largest providers of community-based ophthalmology services in the UK. They operate out of 14 locations throughout the UK and have a very low risk credit score.
VAT
We understand that the building is elected for VAT and the transaction will be treated as a transfer of a going concern (TOGC).
EPC
The property has a rating of C.
Legal Costs
Each party is to be responsible for their own legal costs that may be incurred in this transaction.
Anti Money Laundering
In accordance with anti-money laundering regulations, two forms of identity and confirmation of the source of funding will be required from the successful purchaser.