0115 950 6611 heb Chartered Surveyors | Apex Business Park | Ruddington Lane | Nottingham NG11 7DD

Interested? Contact Will Torr 0115 979 3491 wtorr@heb.co.uk

BUY!

NOTTINGHAM CITY CENTRE RETAIL INVESTMENT OPPORTUNITY Clarks, 38-40 Wheeler Gate, Not t ingham NG1 2ND

£775,000 FREEHOLD NOTTINGHAM CITY CENTRE RETAIL INVESTMENT OPPORTUNITY, LET TO C&J CLARK INTERNATIONAL LTD

0115 950 6611 heb Chartered Surveyors | Apex Business Park | Ruddington Lane | Nottingham NG11 7DD

Interested? Contact Will Torr 0115 979 3491 wtorr@heb.co.uk

Location: Nottingham is considered to be the commercial capital of the East Midlands and is one of the UK’s busiest retailing destinations. The city is located 51 miles (82 km) north east 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. Nottingham Railway Station provides regular services to London St Pancras with a fastest journey time of 1hr 40 mins. Leicester and Birmingham can also be reached within 26 mins and 1hr 14 mins respectively. In addition, the city is well served in terms of buses and the Nottingham Express Transit Tram system which provides a quick and easy way to get across the city. The Tram is currently being extended due to its success. East Midlands Airport is situated 13 miles (21 km) south west of the city centre providing direct flights to nearly 90 destinations and is the 10th busiest airport in the UK in terms of passenger traffic.

Situation: The property is situated on Wheeler Gate at is junction with Lister Gate, which forms one of the major retailing thoroughfares in the city. Wheeler Gate and Lister Gate are home to national retailers/operators including M&S, Specsavers, Sainsburys, McDonalds and Blacks. In addition to traditional A1 operators there has been a recent demand in the vicinity for A3 occupiers. The property’s location not only forms one of the main shopping pitches but it also acts as part of the North/South axis for both shopper, tourists and commuters accessing the city from the south leading through the centre and up to the Victoria centre in the north. The location is set to benefit from the further improvements of the Broadmarsh area redevelopment. We’ve attached two GOAD plans to assist with referencing.

Description: The property occupies a prominent corner position with return frontage to Wheeler Gate and Hounds Gate. Internally, the accommodation is arranged over basement, ground, first and second floors with the main retailing areas at ground floor and part first floor. The remaining upper floors and basement provide storage and office space.

Floor Areas: The net internal floor areas we have obtained are as follows:-

Basement 131.32 sq m 1,414 sq ft

Ground Floor 117.04 sq m 1,260 sq ft

First Floor 145.32 sq m 1,564 sq ft

Second Floor 140.17 sq m 1,509 sq ft

Total 533.85 sq m 5,747 sq ft

The gross internal floor area of each floor is 177.0 sq m (1,905 sq ft). Shop fit plans are available.

Tenure: Freehold.

Tenancy: The property is let on a full repairing and insuring lease to C & J Clark International Limited for a term of 15 years from 1st February 2011 with a tenant only break option at the tenth anniversary. The rent passing is £65,000 per annum which has been recently re-based and documented by a deed of variation. The tenant has served their break notice but in doing so agreed a new reversionary lease for a term of five years from 2nd February 2021. The new lease is on the same terms save for variations to allow the inclusion of a tenant only break option on the 1st February 2023 and the rent being £65,000 per annum, payable monthly in advance. A copy lease and the deed of variation is available by request.

0115 950 6611 heb Chartered Surveyors | Apex Business Park | Ruddington Lane | Nottingham NG11 7DD

Interested? Contact Will Torr 0115 979 3491 wtorr@heb.co.uk

Covenant Information

C&J Clark International Limited is a British-based, international shoe manufacturer and retailer. It has over 1,000 branded stores worldwide and is a subsidiary of C&J Clark (Holdings) Limited. The company offer a wide range of footwear serving a diverse target audience, ranging from young children to elderly customers.

C&J Clark International Limited 02/02/2019 03/02/2018 31/01/2017

GBP GBP GBP

Turnover 790,000,000 820,400,000 885,600,000

Pre-Tax Profit (48,000,000) (3,700,000) 36,400,000

Shareholders’ Funds 203,100,000 267,100,000 332,200,000

C&J Clark International Limited has an Experian Credit Rating of 92 of 100. The trading website is https://www.clarks.co.uk/

Proposal: We are instructed to seek offers in excess of:-

£775,000 (Seven Hundred and Seventy Five Thousand Pounds)

Which reflects a net initial yield of 7.95% assuming purchasers costs of 5.45%.

Investment Considerations:

• Nottingham is the 4th best UK retail destination and the capital of the East Midlands

• The property is let to the strong covenant of Clarks with 5.5 years to expiry and c.2.5 years to break

• Re-based rent to £65,000 per annum

• The tenant has been in occupation for over 15 years

• The unit is well configured with a return frontage and prominence to both Wheeler Gate and Lister Gate

• Prominent position close to the dominant M&S

• The upper floors could be converted to residential/student accommodation in due course (subject to planning and vacant possession)

0115 950 6611 heb Chartered Surveyors | Apex Business Park | Ruddington Lane | Nottingham NG11 7DD

Interested? Contact Will Torr 0115 979 3491 wtorr@heb.co.uk

MISREPRESENTATION ACT These particulars do not constitute part of an offer or contract. All descriptions, dimensions, reference to condition and necessary permission for use and occupation and other details contained herein are for general guidance only and prospective purchasers or tenants should not rely on them as statements or representations of fact and must satisfy themselves as to their accuracy. Neither HEB Surveyors, nor its employees or representatives have any authority to make or give any representation or warranty or enter into any contract in relation to the property. Rents quoted in these particulars may be subject to VAT in addition.

The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function and prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Prices/rents quoted in these particulars may be subject to VAT in addition.

a) These particulars were prepared from preliminary plans and specifications before the completion of the properties and are intended only as a guide. They may have been changed during construction and final finishes could vary. Prospective purchasers should not rely on this information but must get their solicitor to check the plans and specifications attached to their contract.

b) We have not made any investigations into the existence or otherwise of any issues concerning pollution of land, air or water contamination and the purchaser is responsible for making his own enquiries in this regard.