Units C1-C4 St. Crispins Court, Stockwell Gate, Mansfield, Nottinghamshire, NG18 5GL

Guide Price* : £400,000

Upon Instructions of

Receivers

  • Town Centre retail investment
  • Annual income of £31,700 per annum
  • Significant reversionary income potential
  • Guide price of £400,000 reflects a low capital value of £22 per sq ft

Description

The property comprises retail/leisure units arranged over ground and first floors on a prominent corner site in Mansfield.

Units C1a and Unit C4 are let to Papa Johns (UK) Ltd and RS Studio Fitness respectively whilst the remaining units are vacant and in shell condition.

The property benefits from 18 undercroft and surface car parking spaces.

Location

The property is located in Mansfield, a large town to the north of Nottingham. the property itself is situated approximately 2 minutes walking distance to thenorth of Mansfield Station and on the junction of the A38 and Rosemary Street, arterial routes through the centre of Mansfield.the property is also opposite the pedestrianised heart of Mansfield, which includes the Four Seasons Shopping Centre.

Nearby occupiers include Iceland Supermarket, B&M Bargains and many other national retailers within the centre.

Tenure

Long Leasehold - 99 years from December 2014 - ground rent £20,000 per annum

Tenancy

the property is currently part let and producing an income of £31,700 per annum. There are three further vacant units totaling 14,023 sq ft which present a number of asset management channels and the potential to generate significant income.

Please see the tenancy schedule and legal pack for more information.

Planning Authority

Mansfield District Council

VAT

Refer to the legal documentation

Finance

Our Finance Team have put together some exclusive terms with one of our preferred lenders. Please contact Ashley Elkin for more information - aelkin@lsh.co.uk

Accommodation

Floor Use SQ M SQ FT Tenant Lease Terms Rent £ PA
Ground Retail 97.54 1,050 Papa Johns (UK) 15 years from July 2017 £15,000
Ground Retail 142.62 1,535 Vacant N/A
Ground Retail 941.46 10,153 Vacant N/A
First Retail 218.78 2,354 Vacant N/A
First Retail 262.22 2,822 RS Studio Fitness 10 years from December 2018 £16,700
Total 1,662.62 17,914 £31,700

Bidder AML Requirements

For clarification, before being approved to bid, we require the following from all bidders, the documents must be certified by a solicitor who is a member of the law society and be sent from the certifiers e-mail to brontie@574.co.uk:

• Certified copies of Government issued ID –provided by the certifying solicitor
• Proof of address from within the last three months – provided by the certifying solicitor

The certification must comply with HMRC requirements:
• a statement that the document is “Certified to be a true copy of the original seen by me” and where appropriate, “This is a true likeness of the person” from a person who is competent at document inspection and impostor detection, such as a person from a regulated industry or in a position of trust
• an official stamp of the person certifying and indication of professional status
• been signed and dated with a printed name
• the occupation and address or telephone number

If bidding as a company we will require confirmation of the company name and number and documentation from all persons with significant control.

Contact

Joint auctioneers

Lambert Smith Hampton Raman Sharma
07711 766 188
rsharma@lsh.co.uk

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

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The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Joint Agent

Raman Sharma
07711 766 188

Office Contact

Max Mason
07917 865 212

Vendor

Receivers

Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton November 2020

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.