Part Vacant Freehold Office Investment with Residential Development Potential. King Edward Court King Edward Street Nottingham NG1 1EL

Transcription

1 Part Vacant Freehold Office Investment with Residential Development Potential King Edward Court King Edward Street Nottingham NG1 1EL March 2015

2 Investment Summary Location The property comprises the majority of a prominent island site adjacent to the established Victoria Shopping Centre and just off the inner city ring road (A60). Description Phases I and II of a three phase courtyard office scheme constructed in 1985 and 1988 respectively comprising two and three storey open plan office accommodation with a total net internal area of 29,896 sq ft (2, sq m). Tenure Freehold Tenancies Phase I is vacant with Permitted Development Rights for conversion from office use to C3 residential dwellings comprising 22 apartments. Alternative uses, including educational and student housing may be suitable subject to planning. Phase II let on a single full repairing and insuring lease to the Secretary of State for Communities and Local Government for a 5 year term commencing the 29th April 2013 subject to a tenant only break on the 29th April Income 120,000 pa exclusive. VAT The property is elected for VAT purposes and therefore VAT will be payable on the sale price. Price Offers invited on an unconditional basis only. King Edward Court, King Edward Street, Nottingham / Part Vacant Freehold Office Investment with Residential Development Potential

3 Location Nottingham is the financial commercial centre of the East Midlands with a resident population of approximately 275,000 (2001 census) and a catchment population of over 740,000 persons. The city is located 25 miles north of Leicester, 14 miles east of Derby and 50 miles north east of Birmingham. Nottingham benefits from excellent communications being adjacent to Junctions 24, 25 and 26 of the M1 motorway. The main arterially roads being the A45, A52, A610, A60, A46 and the A606 also provide a strong regional road network to the city. A regular mainline train service provides access to the principal cities in the UK with a fastest journey time to London being approximately 1 hour 35 minutes. East Midlands Airport is approximately 12 miles south west of the City Centre close to Junction 24 of the M1. This provides scheduled domestic and European services. Nottingham s central location in the UK has attracted major companies including The Boots Company Plc, EON UK, Imperial Tobacco, Siemens, Vision Express, Capital One, Speedo, HM Revenue and Customs, Driving Standards Agency and Serif Europe. Situation The property is centrally located close to the Victoria Shopping Centre on a prominent island site bounded by Glasshouse Street, King Edward Street, Kent Street and Huntingdon Street. Huntingdon Street (A60) forms part of the inner city ring road providing access to all the main arterial routes in and out of the city. The Victoria Shopping Centre is currently undergoing significant investment with a 40m remodelling/refurbishment. The area is also popular with students due to the property s strategic location close to the main Nottingham Trent Campus. Description The property comprises Phases I and II of a three phase courtyard scheme developed by St Modwen Developments Ltd in 1985 and The buildings are of traditional construction having brick elevations under a pitched slate tile roof with reinforced concrete floors and sliding slash UPVC window frames with secondary glazing on the road frontage elevations. The property comprises a mixture of two and three storey accommodation providing flexible open plan office space. The internal specification includes carpet tiled floors, suspended acoustic tiled ceilings incorporating recessed fluorescent lighting, gas fired central heating, perimeter trunking, male and female toilets on each floor and an 8 person passenger lift in Phase I and a 10 person passenger lift in Phase II. Car parking is located in a landscaped courtyard with access being from King Edward Street. This is the main access point to the offices for the general public with the exception of Phase I which has a pedestrian access from King Edward Street. There are 46 on site car parking spaces providing a ratio of 1:646 sq ft (1:60 sq m) which is excellent compared to the standard Nottingham City Centre office parking ratios of 1:1000 sq ft. King Edward Court, King Edward Street, Nottingham / Part Vacant Freehold Office Investment with Residential Development Potential

4 Areas The offices have been measured on a net internal basis in accordance with the RICS Code of Measuring Practice and provide the following approximate measurements:- Sq Ft Sq M Phase I Units 1-4 & 5 15, Phase II 14,905 1, TOTAL NIA 30,751 2, Tenure The property is to be sold freehold. The title includes the area used for car parking by the owners of the Phase III buildings. The cost of maintenance and repair of this area is fully recoverable from the owners of Phase III. Tenancies Phase I This is presently vacant and has the benefit of Permitted Development Rights for change of use from office use to C3 residential dwellings comprising 22 apartments. Change of use must take place on or before the 30th May Further information is available on request. Our client has commenced stripping out works and the building will be offered in shell condition. Phase II Let in its entirety to The Secretary of State for Communities and Local Government on a 5 year lease from the 29th April 2013 at a present rent of 120,000 pa ( 8.05 psf) exclusive subject to an tenants only break option on the 29th April 2016 on no less than 6 months prior written notice. A 3 month rent free period will be granted from the 29th April 2016 should the tenant break option not be exercised. King Edward Court, King Edward Street, Nottingham / Part Vacant Freehold Office Investment with Residential Development Potential

5 VAT As the property is elected for VAT purposes VAT will be chargeable on the sale price. EPC Phase I has an energy rating of D78 Phase II is under assessment Proposal Offers invited for the benefit of our clients freehold interest on an unconditional basis only. Viewings and Enquiries For further information or to arrange an inspection of this property, please contact: Jonathan Gilbert T: M: E: jonathan.gilbert@htc.uk.com Chris Wright T: M: E: chris.wright@htc.uk.com Or the Joint Agents Chris Sinclair Innes England T: M: E: csinclair@innes-england.com Laura Jardine Innes England T: E: ljardine@innes-england.com King Edward Court, King Edward Street, Nottingham / Part Vacant Freehold Office Investment with Residential Development Potential

6 King Edward Court King Edward Street Nottingham NG1 1EL HOWARD STREET Depot 270 to m The Tram Depot El Sub Sta to 284 The Litmus Building RICK STREET Victoria Court Huntington House 286 to 290 HUNTINGDON STREET Will El Sub Sta 33.2m 39.9m KENT STREET Avalon Court King Edward Court Area : acres (0.426 ha) KING EDWARD STREET to 13 6 to 10 Fashion House CLARE STREET 7 3a 5 3 CONVENT STREET 9a to 55 TCP to 73 1 ET 40.2m LOWER PARLIAMENT STREET CR Shelter PH Car Park 56 to ral odist sion Viscosa House GEORGE S 0m 10m 20m 30m El Sub Sta 18 Castle Exchange LB 7 BROAD ST Ordnance Survey Crown Copyright All rights reserved. Licence number Getmapping plc Plotted Scale - 1: mber Hall WESTERN STREET ngelical ch KIPPS STREET EAST STREET 4 1 to ATHCOAT STREET 0

7 Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - 1:7500 King Edward Court King Edward Street Nottingham NG1 1EL

8 Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - 1: King Edward Court King Edward Street Nottingham NG1 1EL

9 My Ref: Your Ref: Contact: 14/00427/PACPD Mr P.H. Shaw CMI Consulting Ltd FAO Mr Toby Maloy 25 Walker Avenue Stratford Office Village Wolveron Mill Milton Keynes MK12 5TW Development Management City Planning Loxley House Station Street Nottingham NG2 3NG Tel: April 2014 Prior notification of change of use of office to dwelling(s) Our reference: Location: Proposed work: 14/00427/PACPD 1 King Edward Court, King Edward Street, Nottingham Conversion of offices to C3 residential dwellings. (22 apartments). Further to your notification of intention to carry out the above change of use, I am writing to let you know that prior approval is not required and that the change of use may go ahead as permitted development. You are reminded that the conversion must also comply with the Building Regulations, and it is your responsibility to ensure that you seek any necessary approvals and/or give appropriate notice. Please contact building.control@nottinghamcity.gov.uk for advice. You may also need separate planning permission for any changes to the exterior of the building. If you decide to proceed, the change of use must take place on or before 30 May 2016, and it must be in accordance with the details you have notified to us, and it must also comply with all other limits and conditions that apply to permitted development. If you are in any doubt, you should seek independent advice before starting work. Yours faithfully

10 MAIN CONTACT: 7-10 Chandos Street Cavendish Square London W1G 9DQ Jonathan Gilbert T: F: E: Hartnell Taylor Cook LLP is a Limited Liability Partnership registered in England and Wales OC Offices in London, Bristol, Plymouth / Hartnell Taylor Cook LLP is Regulated by RICS LONDON 7-10 Chandos Street Cavendish Square London W1G 9DQ T: F: BRISTOL Somerset House 18 Canynge Road Clifton Bristol BS8 3JX T: F: PLYMOUTH No. 1 The Crescent Plymouth PL1 3AB T: F: King Edward Court, King Edward Street, Nottingham / Part Vacant Freehold Office Investment with Residential Development Potential