Jubilee House, Nottingham Road, Ripley, Derbyshire, DE5 3DJ

A Freehold mixed use investment opportunity.

Property details

Type Investment, Leisure / Mixed Use
Tenure Freehold, subject to the existing tenancies.
Price Offers based on £1,395,000
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Features
  • Substantial mixed use town centre investment
  • 2 commercial units & 14 self-contained flats above
  • Tenants include United Carpets (Property) Limited
  • Fully let producing £100,620 per annum
  • Freehold – offers based on £1,395,000 reflecting a NIY of 6.80%
Location
Ripley is a popular active market town in the heart of the Amber Valley with excellent communication links across the region, being within close proximity to the A38 and A610. Amber Valley Borough Council's town hall and the HQ for Derbyshire Constabulary are both located in Ripley The property is located in the heart of Ripley town centre and the nearby Market Place provides ample car parking and also houses the weekly open air markets on Friday and Saturdays.
Description

Jubilee house is a substantial mixed use property comprising two ground floor commercial units with 14 self-contained apartments above. The property occupies a prominent position on Nottingham Road, and nearby occupiers include HSBC (next door), Lidl, Wetherspoon and Costa Coffee.

Accommodation
1A Nottingham Road – Occupied by Foundry Gym and extending to 3,896 sq. ft. The Foundry Gym has been trading since 2014 and have carried out a comprehensive refurbishment of the premises.
1 Nottingham Road – Occupied by United Carpets (Property) Limited and extending to 4,947 sq.ft.
Upper floors – A total of 14 self-contained apartments comprising 9 x 1 bedroom, 3 x 2 bedroom apartments and 2 x studio apartments.
Price
£1,395,000 plus VAT is sought for the freehold interest.
Tenancy
1A Nottingham Road – Let to Foundry Gym from 11/8/2017 to 5/1/2024 at a passing rent of £15,000 plus Vat per annum
1 Nottingham Road – Let to United Carpets (Property) Limited from 27/3/2021 to 26/3/2026 at a passing rent of £18,000 plus Vat per annum
The 14 apartments are all let on AST’s at a combined rent of £67,620 per annum
Total income - £100,620 per annum.
VAT
The property is elected for VAT, although it is anticipated that the sale will be dealt with by way of a TOGC.
EPC
Available upon request.
Legal Costs
Each party are 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.