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Imperial Building, 20-22 Victoria Street Nottingham, NG1 2EX

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Imperial Building, 20-22 Victoria Street Nottingham, NG1 2EX City Centre Retail and Office Investment for Sale Imperial Building, 20-22 Victoria Street Nottingham, NG1 2EX Retail & Office Investment City Centre location Multi-let 55% of income secured against The Restaurant Group; SH Funds £73m £2,000,000, subject to contract 9.0% net initial yield www.singerviellesales.com Location Situation Nottingham is located approximately 202 km (126 miles) north of Central The subject property is situated within Nottingham City Centre, occupying London, 26 km (16 miles) north east of Derby, 48 km (30 miles) north of a prominent position at the corner of Victoria Street and Fletcher Gate. Leicester and 48 km (30 miles) south east of Sheffield. Surrounding occupiers include French Connection, Lacoste, G-Star Raw, Sainsbury’s, Tesco Express and an Ibis Hotel. The property benefits from The city benefits from good road communications with Junction 24 of being immediately adjacent to the Lace Market tram stop which is the first the M1 Motorway approximately 17 km (9.5 miles) to the south west, stop Northbound from Nottingham Railway Station. Junction 25 approximately 12.4 km (7 miles) to the south west and Junction 26 approximately 8 km (4.5 miles) to the north west. The property is in close proximity to the prime retailing pitch of Clumber Street and the “intu Victoria Centre” to the north, and the “intu Broadmarsh” The city is connected to the national railway network with a fastest shopping centre and Listergate to the south. Bridlesmith Gate is less than journey time to London St Pancras of 1 hour 40 minutes. Nottingham a minute’s walk to the west and is home to occupiers such as Ted Baker, Station is currently undergoing a £60 million redevelopment which will Jack Wills, White Stuff, Cath Kidston and Links of London. transform it into a world-class interchange. Line speed upgrades to the Midland Mainline aim to reduce travel times between Nottingham and “intu Victoria” provides 91,140 sq m (981,000 sq ft) of retail, catering and London to just 90 minutes, while direct connections to Eurostar services leisure space across 127 units. The centre is anchored by John Lewis and through to St Pancras International will mean Nottingham is less than House of Fraser with other major retailers in the scheme including Next five hours from Paris and Brussels. This work is due to commence in and Topshop. “intu Broadmarsh” comprises 45,240 sq m (487,000 sq ft) 2015 and be completed by 2019. across 89 units with retailers including BHS, Argos, O2 and Boots. Nottingham City Council and intu signed a conditional development East Midlands Airport is approximately 22 km (14 miles) to the south agreement in January 2014 for a £40 million refurbishment of intu Victoria west and Birmingham International Airport approximately 80 km (50 which is already underway and a £150 million redevelopment of intu miles) to the north east. Broadmarsh, ahead of a wider development and extension of intu Victoria for which planning permission was granted in July 2014. The multi-million pound project to extend Nottingham’s tram service to the south and south west of the city commenced at the start of 2013 The Lace Market and “Hockley Village” area of Nottingham are immediately and the extension, which is expected to open in 2015 will more than to the east. This is a vibrant, modern section of the city which has been double the size of the existing tram line providing 16 services per hour described as “the Soho of Nottingham”. It is home to many design and in each direction on the city centre section. The project is expected to fashion shops, restaurants, bars, cafes, galleries, the Lace Market Theatre, give up to a £300 million boost to the local economy and create up to along with the Capital FM Arena Nottingham which provides a top quality 8,000 jobs locally. indoor sports, entertainment and conference venue right in the heart of the Lace Market. Nottingham is a top ten retail city with £4.8 billion of retail expenditure, ranked seventh for shopping population ahead of Cardiff and Liverpool. It has a catchment of 2.3 million within a 45 minute drive and has the highest proportion of 16-24 year olds in its catchment of any UK shopping location. Home to two leading universities with 60,000 full time students, the city has the fourth largest student population in the United Kingdom. Nottingham has 30% wealthy achievers and has become the financial centre of the East Midlands region. (Source: Intu Group). Description Site The property comprises an attractive Grade II listed character building We estimate the site area to be approximately 0.04 hectares (0.11 acres). originally built in the 1860’s with a more modern rear extension from the 1980’s / 1990’s. Arranged over lower ground, ground, first and second floors, the property has a stone façade set with sash windows to the Rateable Value original building and brick elevations and double glazed aluminium frames in the extension. According to the Valuation Office website the rateable values for the property are as follows; The lower ground floor is accessed from Victoria Street and is used as a lounge, bar and club with back of house facilities including offices, Address Description Rateable Value kitchens, WC’s and cellar. Basement Restaurant & Premises £16,750 The ground floor is occupied as a clothing and accessory store known as Ground Floor Shop & Premises £96,500 ARK and is accessed from the corner of the building at its junction of Part First Floor Rear Offices & Premises £8,200 Victoria Street and Fletcher Gate. Part First Floor Office & Premises £12,250 The first and second floors provide largely open plan office Second Floor Offices & Premises £24,250 accommodation which benefit from a 300kg 4-person passenger lift. The Uniform Business Rate is 47.1 pence per pound for 2014/2015. Planning The property is Grade II listed and situated within the Lace Market Tenure Conservation. Freehold Accommodation The property has been measured by BKR Floor Plans and provides the Tenancy following areas: The property is fully let in accordance with the attached Tenancy Sq M Sq Ft Schedule. (GIA) The total current rent is £190,850 per annum which is split between the Lower Ground Floor - Leisure 327.29 3,523 retail/leisure element of approximately 72% and the office element of 28%. Sq M Sq Ft 55% of the total income is secured against The Restaurant Group (UK) (NIA) Limited. Ground Floor - Retail Zone A 35.95 387 Zone B 72.00 775 Service Charge Zone C 93.18 1,003 Zone D 88.44 952 The service charge budget for the year commencing 25th March 2014 is £35,772.00. The expenditure for the year ending 24th March 2014 was Zone E 23.13 249 £28,517.27. The service charge information is available to download. Remainder 54.72 589 The lease of the first floor offices refers to a service charge cap of £8,750 ITZA 109.44 1,178 per annum plus RPI (excluding utility costs) and the lease of the second Total 367.42 3,955 floor offices is subject to a service charge cap of £18,000 per annum plus First Floor - Offices 339.18 3,651 RPI. In reality the expenditure has been below the cap so there has been no service charge shortfall. Second Floor - Offices 330.91 3,562 A schedule of floor areas is available to download as well as a set of floor plans. Along with their in house designed brands Cloak and Hearts and Bows, Covenants the company also offers the very best streetwear brands including Fred Perry, Carhartt, Cheap Monday, Motel, Ginger Fizz, The Ragged Priest Oum Investments Limited (t/a Nirvana) (Co. No. 07155608) has and more. For further information visit www.ark.co.uk. reported the following abbreviated accounts; Brady Solicitors Limited (Co. No. 2442521) has reported the following 28th Feb 2013 28th Feb 2012 abbreviated accounts; Shareholders’ Funds £3,000 £3,000 31st March 2013 31st March 2012 Current Assets £522,290 £241,287 Trading as Nirvana, the venue is a lounge, bar and club which hosts a Shareholders’ Funds 217,533 £63,937 range of events from bespoke intimate parties and corporate functions to student and club nights. For further information visit Brady Solicitors is an award-winning property law firm with a strong www.nirvananottingham.co.uk. heritage in property litigation and the property management sector. The firm was winner of the solicitor of the year at the Property Management (Co. No. 894426) has reported the Awards 2011-2012 organised by News on the Block and was a finalist in following figures; 2012-2013. Bradys has also been ranked by The Legal 500 (considered to be the most comprehensive independent analysis of law firms across 30th Dec 2013 30th Dec 2012 the United Kingdom) as a leading firm for Debt Recovery in the East Revenue £416,107,000 £376,438,000 Midlands region. For further information please visit http://bradysolicitors.com. Pre Tax Profit 58,701,000 £48,796,000 Shareholders’ Fund 73,097,000 £61,193,000 Church Lukas Limited (Co. No. 03267313) has reported the following unaudited abbreviated accounts: The company’s principal activity is the operation of restaurants. The Restaurant Group Plc is the ultimate parent undertaking. 31st Dec 2012 31st Dec 2011 The Restaurant Group Plc (Co No. 030343) has reported the following Current Assets £911,294 £592,919 figures; Shareholders’ Funds 518,136 £395,716 29th Dec 2013 30th Dec 2012 Revenue £579,589,000 £532,541,000 Church Lukas is an architectural and building consultancy practice Pre Tax Profit 72,685,000 £64,561,000 established in 1993 and provides professional services to clients across the country.
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