THEELITE UPPER PARLIAMENT STREET | NOTTINGHAM | NG1 2BP FREEHOLD MIXED-USE INVESTMENT OPPORTUNITY UPPER PARLIAMENT STREET | NOTTINGHAM | NG1 2BP CHAPEL QUARTER FRIAR LN ANGEL ROW S PARADE OLD MARKET SQUARE DEBENHAMS NOTTINGHAM COUNCIL HOUSE MARKET ST QUEEN ST UPPER PARLIAMENT ST THEATRE ROYAL CONCERT HALL PRIMARK CINEWORLD KING ST THE CORNERHOUSE CLUMBER ST FORMAN ST LOWER PARLIAMENT ST MILTON ST TRINITY SQUARE INTU VICTORIA SHOPPING CENTRE UPPER PARLIAMENT STREET | NOTTINGHAM | NG1 2BP INVESTMENT SUMMARY: • Landmark Grade II* listed property prominently positioned in a prime leisure location which links the Old Market Square with The Cornerhouse, Theatre Royal, Royal Concert Hall and Intu Victoria Centre. • Nottingham is one of the UK’s Top Five retail destinations with a catchment of over 3.8 million people. • Comprises 34,892 sq ft (3,241.5 sq m) of retail, leisure and office accommodation. • Numerous high quality restaurant operators within the neighbouring properties including; Pizza Express, Zizzi, Loch Fyne, Frankie & Benny’s, Red’s True Barbeque, Bill’s Restaurant and Georges Fish and Chip Kitchen. • Currently let to 8 tenants producing a current passing rent of £413,700 per annum which nets back to £381,778 pa after the estimated service charge shortfalls and ground rent. • Weighted average unexpired lease term of 5.94 year to breaks and 7.4 years to expiries. • The nightclub (Ink) accounts for 40% of the passing rent and has just undergone an extensive re-fit undertaken by the sub-tenant prior to Ink’s launch on 2nd May 2015. • Potential to improve the reversionary income by asset management, letting vacant space, or converting the offices to alternative uses. We are instructed to seek offers in the region of £4,125,000 (FOUR MILLION ONE HUNDRED AND TWENTY FIVE THOUSAND POUNDS) subject to contract and excluding VAT. A purchase at this level reflects a Net Initial Yield of 9.48% and a Triple Net Yield of 8.75% after allowing for purchaser’s costs of 5.8% and reflects a low Capital Value of £118 per sq ft. VICTORIA UPPER PARLIAMENT STREET | NOTTINGHAM | NG1 2BP BUS STATION A60 THE NOTTINGHAM TRENT UNIVERSITY Glasshouse St A60 THE INTU VICTORIA CORNER HOUSE CENTRE LOCATION: THEATRE ROYAL Lower Parliment St A610 Nottingham, one of the UK’s premier retailing destinations is located approximately Derby Rd Upper Parliment St CLUMBER ST 16 miles (25 km) east of Derby, 25 miles (45 km) north of Leicester, 50 miles (85 km) Huntingdon St north east of Birmingham and 120 miles (220 km) North West of London. THE ELITE A60 A60 Nottingham’s central location and excellent accessibility has meant it now has an NOTTINGHAM COUNCIL HOUSE economy worth £12.1 billion pounds and is continuing to grow. It is home to 2 world PLAYHOUSE OLD MARKETMARKET SQ SQ renowned universities with over 65,000 students and has a recruitment area of 1.1m people. Fletcher Gate NATIONAL ICE CENTRE & TRENT FM Nottingham Railway Station has undergone a major refurbishment programme ARENA Maid Marian Way Nottingham A60 creating new concourse areas and general modernisation throughout. There are MARKS & THE LACE regular services to London St Pancras (1 hour 30 mins), Birmingham (1 hour SPENCER MARKET A60 Hounds Gate Bellar Gate 5 mins) and Derby (20 mins). A6008 Castle Gate A612 East Midlands Airport is the 2nd largest cargo airport in the UK after London Middle Hill Heathrow and is accessible in less than 30 mins from Nottingham city centre. BROADMARSH The airport is a growing passenger terminal with routes across Europe as well SHOPPING A612 NOTTINGHAM CENTRE as USA and the Caribbean. CASTLE Castle Rd A6008 A6008 The property is well located within the town centre, close to the popular Victoria BUS STATION Canal St Centre on the northern edge of the retail pitch. The area is the focus of the city’s nightlife and is home to numerous restaurants, bars and nightclubs, and a large L Canal St CANA Castle Blvd A60 Cinema, in addition to providing a supporting retail offering. A6005 Intu has invested heavily in the Victoria Centre and has major plans for the Station St London Rd redevelopment of the Broadmarsh shopping centre. Nottingham now ranks at A453 TATION the 5th most popular retail destination in the UK and the bar and restaurant scene Wilford Rd RAILWAY S in the city is highly regarded. The property ‘s location forms part of the city’s main retail and leisure circuit Queens Rd A6019 and is within close proximity to the Theatre Royal, Royal Concert Hall and The Corner House.. Railway Station The Corner House East Midlands Airport Theatre Royal Nottingham Tram UPPER PARLIAMENT STREET | NOTTINGHAM | NG1 2BP OLD MARKET SQ QUEEN ST KING ST UPPER PARLIAMENT ST THE CORNER HOUSE KINGS WALK SHERWOOD ST THEATRE ROYAL CONCERT HALL UPPER PARLIAMENT STREET | NOTTINGHAM | NG1 2BP Club Ink UPPER PARLIAMENT STREET | NOTTINGHAM | NG1 2BP DESCRIPTION: The Elite was originally built as a cinema in the 1920’s. It is understood the building was later used as a bingo hall before being converted to mixed retail, office and leisure use in the 1990’s. It is a Grade II* Listed building. The building is steel framed with concrete and timber floors in part and concrete stairs. The facade is finished with white faience cladding, plinth, cill and lintel bands, relief friezes, cornices, stepped parapets, pilasters, scrolls, foliage, plaques and ornamental figures. The building has a combination of flat roofs covered with mineral surface felt and pitched roofs covered with slate. The main auditorium roof is supported by large span steel trusses with timber rafters and purlins. There is a substantial array of plant located on the flat roof above the nightclub. Windows and doors are a mixture of timber and steel framed sash and pivot casement units. The interior features a range of original and modern architectural decorations and fittings with varying forms of fit out between the demised units. The nightclub is spread out, in part, over all floors at the building and includes the Club Ink whole of the main original auditorium space. The nightclub has just undergone an extensive re-fit undertaken by the sub-tenant prior to its launch on 2nd May 2015. Each retail unit has a dedicated entrance and there are further public entrances to Queen Street. Goods access is via an entrance gate from King Street leading to a small service yard. The office space is accessed via a separate entrance on Parliament Street and is spread out, in part, over the first, second, third and fourth floors. The space requires refurbishment and offers potential for conversion to alternative uses, subject to obtaining the relevant consents. UPPER PARLIAMENT STREET | NOTTINGHAM | NG1 2BP TENURE: The retail, leisure and office element are held Freehold. Club Ink There are 43 vaults under the property held by way of a 999 year lease from Nottingham Council Dated 14/03/1899 at an annual rent of £39. SITE: The site extends to approximately 0.314 acres (0.127 hectares). Powerhouse Fitness TENANCIES: % of Estimated Service Area Area Trading Tenant / Lease Lease Lease Rent Annual Rent Unit Use Description Annual Charge Shortfall Comments Sq ft Sq m Name Guarantor Start Expiry Break Review Rent per sq ft Rent (Exc VAT) Ground Floor 792 73.6 10 year reversionary lease granted on 25/05/2015 with a term commencement date of 02/10/2016, and a rent Mezzanine 339 31.5 French Three 25 & 27 King Street Restaurant 02/10/2006 01/10/2026 02/10/2011 £37,500 £14.16 9.1% free under the existing lease for the period 24 June 2015 Living Luiggi’s Ltd Basement 1,517 140.9 to 24 December 2015. The vendor will provide rental cover during this period. 29 King Street & 31 Ground Floor 777 72.2 Powerhouse Laidir Retail 05/10/2009 04/10/2019 05/10/2014 £40,000 £19.14 9.7% Upper Parliament Street Mezzanine 1,313 122.0 Fitness Leisure Ltd 33 Upper Nottingham Nottinghamshire Tenant has agreed a 12 month lease extension at a rent of Retail Ground Floor 445 41.3 14/05/2012 13/05/2015 £10,000 £22.47 2.4% £1,181.43 Parliament Street Hospice Hospice Limited £10,000 pa inclusive of service charge. Lease outside act. 2A Upper Coral Retail Ground Floor 1,239 115.1 Coral Estates Ltd 19/09/2003 18/09/2028 19/09/2018 19/09/2013 £46,700 £37.69 11.3% Parliament Street Bookmakers 41/43 Upper Ground Floor 732 68.0 Cope G & F Cope & Co Retail 29/09/2007 28/09/2017 30/09/2012 £43,000 £25.53 10.4% Parliament Street Basement 952 88.4 Jeweller (Retail) Ltd Ground Floor 1,722 160.0 The Souville The Soulville 3 Queen Street Restaurant 17/02/2006 16/02/2021 17/02/2011 £43,000 £15.32 10.4% Mezzanine 1,085 100.8 Steakhouse Steakhouse Ltd Beauty Lucy Goodwin & 4 Queen Street Retail Ground Floor 1,713 159.1 20/12/2005 19/12/2020 20/12/2015 20/12/2010 £27,500 £16.05 6.6% Temple Martin Goodwin Ground 2,031 188.7 Mezzanine 1,996 185.4 Sub-let to Carnival Leisure Ltd from 23/10/2014 until Upper Parliament Street/ Finlaw 279 Ltd / Nightclub First Floor 3,921 364.3 Club Ink 01/10/1998 01/10/2023 01/10/2008 £166,000 £10.36 40.1% 29/09/2023 at £120,000 pa inclusive of service charge and Queen Street Gafrus Ltd Second Floor 4,782 444.3 insurance. Gross Internal floor areas provided.