Lock House 2 Castle Meadow Road Nottingham Ng2
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OC LOCK HOUSE 2 CASTLE MEADOW ROAD NOTTINGHAM NG2 1AG MULTI LET OFFICE INVESTMENT OC LOCK HOUSE 2 CASTLE MEADOW ROAD NOTTINGHAM NG2 1AG OC LOCK HOUSE 2 CASTLE MEADOW ROAD NOTTINGHAM NG2 1AG OC INVESTMENT CONSIDERATIONS Located in the historic City of Nottingham Excellent communications being situated 7 miles east of the M1 motorway (J25) and regular direct train services to London and Birmingham Well presented, refurbished office building comprising approximately 1,568.7 sqm (16,885 sq ft) Let to the strong covenants of Willmott Dixon Construction Ltd, MG Thurston Ltd & SJ Gelsthorpe Ltd t/a Cartwright King Solicitors and Browne Jacobson LLP WAULT of 4.6 years to break, 7.5 years to expiry Total topped up rent of £243,497.50 pa Extensive car parking providing 31 spaces Freehold Future potential alternative uses including residential and student accommodation (STP) We are instructed to seek offers in excess of £2,775,000 (Two Million, Seven Hundred And Seventy Five Thousand Pounds), subject to contract and exclusive of VAT reflecting an attractive net initial yield of 8.25% off the topped up rent and a low capital value of £164 psf assuming purchaser’s costs of 6.42%. OC LOCK HOUSE 2 CASTLE MEADOW ROAD NOTTINGHAM NG2 1AG Location The historic City of Nottingham lies at the heart of the UK and forms the commercial and administrative hub for the East Midlands. It is situated approximately 130 miles north of Central London and 50 miles north east of Birmingham. Nottingham benefits from excellent communications with the M1 (J25) located approximately 7 miles to the west, providing access to both the M69 and the M18. Nottingham train station is located within the city centre, a five minute walk from Lock House, providing direct rail services into London St Pancras with a fastest journey time of approximately 1 hour 40 minutes. Regular train services run to Birmingham New Street and Derby with journey times of approximately 1hr 15mins and 20 minutes respectively. Nottingham East Midlands Airport is located approximately 15 miles to the south. Birmingham International Airport, the UK’s 5th largest airport is located approximately 45 minutes drive to the south west. The city has two world renowned universities with over 60,000 students providing a high quality graduate workforce. Hig h Pavement P A a r 6 k 0 V a 08 l le y M ■ d a ad oa i Cliff Ro Doncaster n R d o ■ M18 Lent M a M6 Rotherham C r NOTTINGHAM a i s a P MANCHESTER ■ ( ) A1 M t o l n e p t CASTLE & GROUNDS M60 R W h ■ k SHEFFIELD o a c m a r ■ a i d y Warrington S r a t A6 r A e Manchester t A15 e P 8 6 00 t M56 Airport s A6 C 0 i l a 0 r a r 8 i D n P g ■ n ev A619 Chesterfield er t Lincoln il o k Dr Macclesfield o ■ ■ ive n 08 60 i S a A t t A614 r M1 e e e a eet t Str ella P Ransfield e Isab iv N r ■ D A61 n eet o l Str Crewe ilt ana m C ■ a ve i H r rd a v D le T u o B r A60 pe le st e a o C H n t t S Stoke-on-Trent e t r ■ A1 e Boston re C t e ■ S a t NOTTINGHAM 5 r 0 d r r 60 i A n o f g l i DERBY t ■ o Nottingham City W n A52 L A N S Airport NO CA d TTINGHAM oa t R tion r Sta M6 A453 L e A e N A t C East Midlands M HA OC Airport NG I C A46 TT a O st A15 N le A42 A606 M e a d d o a w NOTTINGHAM A1 o R R Telford d d ■ r o f l M54 LEICESTER i ■ W M42 Wolverhampton A47 ■ PETERBOROUGH C ■ a A Leicester s Queen’s Road t r le k Airport M w e a d r d oa i M69 M1 o R g w ow h d BIRMINGHAM R a t o e a M ■ d tle S as t C r M6 A1 (M) e Birmingham e t M5 Airport Ketting y Kidderminster a ■ Rugby W ■ ■ Tr s ■ affi c St f reet i M42 r r COVENTRY e M h e S a Crocus d Street o e t w riv Crocus S tree D Waterway S s s tre n et West W e e Meadows W a u ay y Q y Meadows Wa LOCK HOUSE 2 CASTLE MEADOW ROAD NOTTINGHAM OC NG2 1AG T E E R T S D R O F L I W 4 PH 6 CC Bollards Overflow C astle Lock flow Bols Over MP Bollards 26.6m FB Bols Lock House 2 26.5m El Sub Sta Hig Mowbray House 27.9m h Pavement P A a 0m 10m 20m 30m r 6 k 0 V © Crown Copyright, ES 100004106. For identification purposes only. a 08 l le y M d a ad Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:899 oa i Cliff Ro n R d Lent o M a C r NOTTINGHAM a i s a P t o l n e p CASTLE & GROUNDS R W h o a m a a d y S t r A e e 8 6 A600 t C 0 Situation Description a 0 r r 8 i n Pev g er t The property is situated at the junction of Castle Meadow Road and Wilfred The property comprising approximately 1,568.7 sqm (16,885 sq ft), was i o l Dr ive n 008 S A6 t r e Street, adjacent to Nottingham Canal to the north and Castle Meadow constructed in 1997 and is spread over the ground, first and second floors. t e a Stree t ll e Isabe iv r D t Business Park to the south. Wilford Street provides access to the A52 to the n tree Internally there is a single 8 person passenger lift with male and female WCs lto al S i Can m e a iv south west and the city centre to the north east. H r rd a v D le T provided within the central core at all floor levels. The specification of the u o B r pe le st e a o C H n t S The immediate area is of predominantly office use with residential and property includes comfort cooling, suspended ceiling with recessed lighting t e t r e re C t e S a t leisure occupiers nearby along the canal. Castle Wharf is situated a short and raised floors. Willmott Dixon Construction Ltd have added an additional 5 r 0 d r r 60 i A n o f g l i t o walk along the canal to the east and has been regenerated to provide a two air conditioning units as set out in the licence for alterations. W n AL N S NO CA d TTINGHAM oa t R ion r tat S L e A e number of leisure operators at the water’s edge in many of the old canal N A t There is a car park to the front of the property providing approximately C M HA OC NG buildings. I C 31 car parking spaces. TT a O st N le M e Nearby occupiers include Nottingham Magistrates Courts, HM Revenue a d d o a w NOTTINGHAM o R R and Customs, Coral Bookmakers, Gala Leisure, Land Registry and d d r o Tenure f l i Nottinghamshire Archives. W Freehold. C a A The Broadmarsh shopping centre is located approximately 5 minutes walk s Queen’s Road t r le k M w e a d r oa i d R g o w from the subject property which provides access into Nottingham City w do h R a t o e a M d tle S as t C r Centre and a large supply of national multiple retailers. Nottingham City e e t y a Council have commenced work on a £250 million development in the intu W Tr s affi c St f reet i r r Broadmarsh Area to transform and regenerate the south gateway to the City. e M h e S a Crocus d Street o e t w riv Crocus S tree D Waterway S s s tre n et West W e e Meadows W a u ay y Q y Meadows Wa OC LOCK HOUSE 2 CASTLE MEADOW ROAD NOTTINGHAM NG2 1AG Accommodation and Tenancy Schedule Floor Tenant Area NIA Area NIA Rent pa Lease Start Lease Expiry Rent Review Comments (sq m) (sq ft) (Rent psf) (Break) Ground Willmott Dixon Construction Ltd 489.3 5,266 £76,197.50 15/02/2016 14/02/2026 15/02/2021 Stepped rent as follows: 15/02/2016 - 03/02/2017: £76,197.50 pa 04/02/2017- (£14.47) (14/02/2021) 03/02/2018: £39,412.50 pa. The vendor will top up to £76,197.50. 04/02/2018 until review date: £76,197.50 pa. Lease is subject to a Schedule of Condition regarding the condition of the windows only. 10 car parking spaces. First MG Thurston Ltd & SJ Gelsthorpe 537.4 5,785 £83,100.00 09/06/2015 08/06/2025 09/06/2020 The current rent passing is £41,550.00 pa.